The author argues copper cannot deliver Bitcoin-like 10,000% returns because substitution effects will destroy demand and crash prices if copper becomes too expensive.
Unpriced research observations (excluded from Calls and Returns):
HG=F — AVOID StandardNo2193 argues copper cannot deliver Bitcoin-like 10,000% gains because it has a substitution wall. If copper prices reach $20/lb, builders switch to aluminum or fiber optics, destroying demand and crashing the price. Exact non-equity contract requires separate historical validation; no generic proxy.
If Copper gets too expensive (e.g., $20/lb), builders stop using it. They switch to aluminum or fiber optics. The demand disappears, and the price crashes.