Metals Market Outlook (with Francine Lacqua)

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Bank of America 8.5
Investment Bank $3040.00B
Michael Widmer 8.5

Metals Market Outlook (with Francine Lacqua)

metals

unwilling to alter bullish call unless some of that changes and for now I think rather than actually taking some of those bullish factors away we actually adding them Gold benefiting from global uncertainty, central bank diversification; silver catching up with deficits and demand.

7 calls

+47

frequent correct calls with solid market follow-through

12/9/2025 3:07:36 PM	long term up	61 days later	+25.27%	+25.27%
10/24/2025 9:17:59 PM	long term cautious up	60 days later	+30.90%	+15.45%
9/12/2025 2:50:23 PM	short term sharp up	7 days later	+2.06%	+3.09%
9/4/2025 9:08:44 PM	medium term up	20 days later	+6.42%	+6.42%
9/3/2025 5:31:38 PM	short term up	5 days later	+1.66%	+1.66%

Show all 5 metals results

Metals now seem like foreign policy play from US; have to revisit metal by metal what US wants.

Francine Lacqua
Michael Widmer

Copper best example: tariffs created dislocation, metal shipped to US, effectively creating copper reserve. Uncertainty in global economy adds dimension to precious metals benefiting gold/silver.
Copper rally extraordinary: how much fundamentals vs tariff trade pulling inventory to US?

Francine Lacqua
Michael Widmer

Bit of both: deficits are real with mine supply shortages; tariff trade pulled metal into US making it missing elsewhere; still fundamental market pricing reality.
Gold up 65% last year; too crowded or continue up?

Francine Lacqua
Michael Widmer

Overbought but underinvested; initially bullish due to US fiscal deficit/debt concerns; added dimensions extended rally; rallies end when drivers subside - not seeing that yet.

Pockets of market still underallocated.
Will central banks continue buying gold?

Francine Lacqua
Michael Widmer

Yes; fragmentation in global economy, closing of US economy makes traditional dollar recycling into treasuries more difficult; central banks diversifying reserves into gold.

Portfolio optimization suggests emerging market central banks could hold 30% in gold vs current 15%.
Gold/silver ratio quirky moves; what does that tell us?

Francine Lacqua
Michael Widmer

Silver catching up; deficits past 5 years; lack of liquidity means buyers must pay up; good demand from solar panels/EVs plus speculative element.

Volatility in silver/platinum not good for market.
Impact of Venezuela on metals longer-term?

Francine Lacqua
Michael Widmer

On precious metals side, particularly gold, it plays into theme described; unwilling to alter bullish call unless drivers change; actually adding bullish factors rather than removing.

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