Dan Dreyfus

Copper faces a massive demand shock from AI data centers (50,000 tons per GW), solar/wind (5-7x copper vs gas), electric vehicles, and military use, while supply growth is minimal and new mines take 7-12 years to build. The world will need as much copper in the next 18 years as was mined in the last 10,000 years. Existing mines are depleting. The speaker expects the copper price to double from current levels.

Silver has a structural deficit of 200 million ounces per year against annual supply of 1 billion ounces, with only 600 million ounces of above-ground inventory remaining. This implies a potential physical stock-out in about three years. Demand is driven by solar photovoltaic cells and other uses.

Commodity cycles typically last 15 years with triple-digit percentage upside, and we are only a few years into the current one. Further, massive U.S. fiscal imbalances and dollar debasement will drive investors into hard assets and infrastructure to protect purchasing power, similar to the 1970s.