Accompanied by a sharp drop after gold and silver peaked, the new Federal Reserve Chairman Kevin Warsh advocates ending Keynesianism, emphasizing supply-side reform, and reinforcing the bullish logic for copper.
Review the previous two cycles, the time and price trends of gold and silver vs. copper:
1. July 2016 Near the high point of gold and silver → February 2017 Near the high point of copper
In July 2016, gold reached a peak of about $1,366/oz
Silver synchronized surge to about $21/oz (annual high range)
Corresponding copper price:
July 2016 copper monthly average: 4864 USD/ton
February 2017 copper monthly average: 5940 USD/ton
Copper up +22.1%
2. 2020.08 Near the high point of gold and silver → 2021.05 Near the high point of copper
In August 2020, gold reached an all-time high, peaking at about $2,075/oz
Silver surged in the same month to about $29/oz
Corresponding copper price:
2020-08 average copper price: 6508 USD/ton
2021-05 average copper price: 10166 USD/ton
Copper rose by +56.2%
The gears of the cycle always turn in sequence according to the established rhythm.
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