Gold, Silver and Copper reach new highs amid record rally
Speakers
Pippa Stevens
— Markets and Energy Reporter, CNBC
Summary
CNBC's Pippa Stevens reports on record highs in gold, silver, and copper, noting extreme volatility and retail interest. She attributes the precious metals rally to dollar debasement concerns, geopolitical tensions, hard-asset demand, and self-reinforcing momentum. For copper, she cites Benchmark Mineral Intelligence's Albert MacKenzie, who calls the move baffling and unsupported by fundamentals, warning of a possible decline.
- Gold and silver hit record highs and are on pace for their best month in over 45 years.
- GLD and SLV are among the top ten most traded names; SLV was third behind Tesla and Nvidia.
- Pippa Stevens says the rally began with dollar debasement and geopolitical hard-asset demand, then became momentum-driven.
- Copper LME prices surged almost 12% intraday, nearly triggering an unprecedented limit-up.
- Copper has risen about 30% since September, crossing 12,000, 13,000, and 14,000 levels.
- Albert MacKenzie of Benchmark Mineral Intelligence says copper fundamentals have not changed and a decline is possible.
- The segment highlights extreme volatility and speculative flows in metals.
Ideas
Precious metals momentum from debasement, hard assets
Gold and silver are at record highs and on pace for their best month in more than 45 years. The rally started with concerns about dollar debasement and geopolitical tensions driving demand for hard assets, but has since become a self-reinforcing momentum trade. Retail participation is extreme: GLD and SLV are among the top ten most traded names, with SLV third behind Tesla and Nvidia.
Copper spike lacks fundamentals, may fall
Copper is the day's big mover, with LME prices up almost 12% intraday and nearly triggering an unprecedented limit-up, and prices up 30% since September to 14K. Benchmark Mineral Intelligence's Albert MacKenzie says the move is baffling because copper is normally stable and nothing has changed on the fundamental side since the uptrend began. He warns copper could see a decline going forward.
