Why Copper Is the Ultimate Precious Metal Trade (And Silver Is Done) w/ Clem Chambers
Summary
- Clem Chambers has exited his Silver positions entirely after a massive run-up, citing extreme volatility ("noise") as a signal that the market has lost direction.
- He is aggressively accumulating Copper, calling it the "ultimate trade" and a "tidal wave of profits" driven by the energy infrastructure required for AI.
- A key contrarian thesis is the resurgence of Platinum and Palladium (PGMs). He argues the EV transition is stalling due to electricity shortages, forcing a return to Internal Combustion Engines (ICE) and Hybrids, which require catalytic converters.
- He predicts Platinum and Palladium could reach a 1:1 price ratio with Gold due to extreme supply constraints (only ~200 tons produced annually vs. 3,000+ tons for Gold).
Trade Ideas
Clem Chambers
CEO of Online Blockchain plc / Financial Commentator
"I'm getting a large hill of copper right now... Copper is just going to be a awesome tidal wave of profits for me in due course." The "AI War" between the US and China is fundamentally an energy war ("AI is just energy"). Building the infrastructure to support AI dominance requires massive electrical grid expansion. Copper is the non-negotiable physical input for this energy transmission. Long exposure via physical copper ETFs (CPER) or major producers (FCX) is the play on the "AI = Energy" thesis. Global recession dampening industrial demand; substitution of copper with aluminum in transmission lines.
Clem Chambers
CEO of Online Blockchain plc / Financial Commentator
"Platinum and palladium as in my world, in my model, they'll go one to one with gold... They only make 200 tons of platinum a year and they only make 200 tons of palladium." The market priced these metals for death assuming EVs would replace ICE cars. However, the grid cannot support full EV adoption ("We haven't got enough electricity"), leading to a resurgence in hybrids and gas cars. These vehicles require catalytic converters (Palladium for gas, Platinum for diesel). With supply fixed and concentrated in unstable regions (Russia, South Africa), renewed demand creates a massive squeeze. Long Platinum (PPLT) and Palladium (PALL) as a mean-reversion and supply-crunch trade. rapid breakthrough in battery technology or grid capacity; geopolitical stability in Russia/South Africa increasing supply.
Clem Chambers
CEO of Online Blockchain plc / Financial Commentator
"I've got a lump of gold... quite likely another one, two, or $3,000 an ounce." Despite the price already being high, the momentum is intact. He views Gold as a standard asset that has broken out technically. While he admits he "should" sell to rotate into higher beta assets, he expects the run to continue significantly higher. Hold/Long trend following. A sudden drop in volatility or a hawkish shift in central bank policy strengthening the dollar.
Clem Chambers
CEO of Online Blockchain plc / Financial Commentator
"I'm out of silver... Until that sinks up and the volatility comes down, we won't know what's going to happen next because volatility... is a sign that the market doesn't know." High volatility is not an opportunity here; it is "noise." The market is confused. The smart money (Chambers) has taken profit ("two or three houses worth") and is sitting on the sidelines until price action stabilizes and correlates with Gold again. Avoid new positions until volatility compresses. Silver could "melt up" irrationally, leaving sidelined investors behind.
Up Next
This Milk Road Daily video, published February 22, 2026, features Clem Chambers discussing CPER, FCX, COPX, PPLT, PALL, GLD, SLV. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Clem Chambers · Tickers: CPER, FCX, COPX, PPLT, PALL, GLD, SLV