Gold Catch-Up Trade

Copper Is Leading the Way

Copper now diverging from gold in a meaningful way.

Yes, AI, industrial demand, and onshoring are part of the story.

But the real driver is a tightening supply-demand imbalance that the market is only beginning to price in.

That said:

Metals rarely stay disconnected for long.

This gap is setting the stage for gold to become the next catch-up trade, in my view.

In this report, I will explore this opportunity in greater detail, discuss how I am positioning for it, and highlight several important macro charts that support the overall thesis.