Is Global Trade About To Collapse? What's Next For Critical Assets | Tim Warman

Watch on YouTube ↗  |  April 16, 2025 at 04:06  |  23:30  |  The David Lin Report
Speakers
Tim Warman — CEO & Director, Fuerte Metals
David Lin — Founder & Host, The David Lin Report / ex-Anchor, Kitco News

Summary

Tim Warman, CEO & Director of Fuerte Metals, discusses copper and gold markets amid tariff-driven volatility. He views the recent copper selloff as a short-term blip and remains constructive on long-term copper prices near $5/lb, while calling gold a safe haven holding around $3,000/oz that is creating strong margins for producers. He also outlines Fuerte Metals' Chilean copper and Mexican precious-metals projects and the company's management, backers, and growth plans.

  • Copper's recent drop is seen as tariff-related short-term noise, not a supply-demand collapse.
  • Long-term copper supply is constrained by falling grades and fewer discoveries; demand is supported by electrification and China.
  • Copper projects may need about $5/lb to justify multi-billion-dollar capital decisions.
  • Gold is viewed as a safe-haven and inflation hedge; the recent selloff was a liquidity rush.
  • Gold producers are benefiting from record free cash flow and strong margins near $3,000/oz.
  • Fuerte Metals is developing a never-drilled Chilean copper target and a more advanced Mexican gold-silver project.
  • Management, major backers, and a tight share structure are highlighted as company strengths.
  • Tariffs may affect copper trade flows, but the speaker sees limited near-term impact on Chilean concentrate sales to China.
Ideas
Tim Warman CEO & Director, Fuerte Metals 1:08
Copper rebound to $5 long term.
The recent copper price decline is a short-term tariff/trade-war dislocation rather than the start of an industrial metals collapse, because it does not change the tight supply backdrop. Copper grades are declining, major easy discoveries are largely exhausted, and new projects will be lower-grade and more expensive. At the same time, long-term demand should keep rising from electrification and Chinese smelting demand. Prices likely need to reach around $5 per pound to incentivize the multi-billion-dollar new projects needed to meet that demand, so he expects a recovery to more realistic levels and a higher long-term copper price.
COPPER HIGH
Tim Warman CEO & Director, Fuerte Metals 6:33
Major miners eye copper explorers for M&A.
With copper prices low and exploration companies cheaper, major miners are likely to keep doing M&A and taking toeholds in copper explorers. Advanced projects like Filo attracted buyers, and Agnico Eagle recently invested about $40 million in neighbor ATEX, showing major miners want exposure to earlier-stage copper projects with good potential.
Copper explorers MED
Tim Warman CEO & Director, Fuerte Metals 8:10
Gold trend remains strong long term.
Gold remains a safe-haven and inflation hedge. The recent drop was mainly a broad rush for liquidity, not a loss of gold's safe-haven role, and gold is holding support near $3,000/oz. He sees the longer-term trend as positive and expects gold prices to continue their strength over the next few months to years.
GLD HIGH
Tim Warman CEO & Director, Fuerte Metals 8:15
Gold producers generating record free cash flow.
At around $3,000/oz gold, gold producers are generating record free cash flow and margins not seen in roughly 20 years. Even marginal, low-grade mines are making substantial cash flow, so the producer group is a direct beneficiary of high gold prices.
GDX HIGH
Tim Warman CEO & Director, Fuerte Metals 10:47
Fuerte Metals offers copper-gold growth.
Fuerte Metals offers a large, never-drilled copper porphyry target in Chile that is surrounded by Teck/Nippon's NuevaUnión deposit, with a plan to bring in a larger partner to fund expensive high-altitude drilling. Its more advanced Cristina project in Mexico has about 1.5 Moz gold-equivalent resource at 1.3 g/t AuEq, plus silver, zinc, lead and copper, and a 20,000-meter drill program aims to grow the resource and grade toward a potential multi-million-ounce high-grade underground mine. The company has a management team with prior successful exits, backing from Pierre Lassonde and Agnico Eagle, a tight share structure, and aims to add larger projects and eventually become a producer to benefit from high metal prices.
FMT HIGH
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This The David Lin Report video, published April 16, 2025, features Tim Warman discussing COPPER, Copper explorers, GLD, GDX, FMT. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tim Warman  · Tickers: COPPER, Copper explorers, GLD, GDX, FMT