Metals Outlook: Gold Bullish, Silver & Copper Cautious (with Yvonne)

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Metals Outlook: Gold Bullish, Silver & Copper Cautious (with Yvonne)

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Gold... given the extent of macroeconomic risk, geopolitical risk, there's going to be more upside in gold... Could definitely see prices back above 5500... targeting levels of towards 6000.

5 calls

+19

more right than wrong, with meaningful gains

1/30/2026 2:11:38 PM	short term cautious down	7 days later	+6.99%	-3.50%
1/19/2026 12:07:16 PM	short term cautious up	6 days later	+9.93%	+4.96%
12/22/2025 2:27:08 PM	medium term up	20 days later	+7.73%	+7.73%
9/10/2025 2:18:05 AM	medium term sharp up	20 days later	+8.44%	+12.66%

Show all 4 metals results

Have metals markets stabilized after recent volatility?

Yvonne
David Wilson

Silver saw incredible volatility driven by Asian physical buying, but physical market is easing. Gold different story – broad-based buying, more upside from macro/geopolitical risks.

Silver flows from US to Europe/Asia; Chinese New Year may dry up buying.
Is the silver speculative trade broken?

Yvonne
David Wilson

Retail investors who bought from mid-December face losses, but industrial demand destruction also occurring due to high prices/volatility.

Over 60% silver use is industrial; sectors like solar and AI data centers are thrifting usage.
Key drivers for precious metals now?

Yvonne
David Wilson

Gold: central bank buying, ETF accumulation, retail interest. Silver: ETFs seeing outflows, lease rates down, physical market easing, disconnecting from gold.

Gold-silver ratio still low vs 2-year average, room for further disconnect.
Gold forecast?

Yvonne
David Wilson

Could see prices back above 5500, targeting towards 6000. US midterm election outcome (political inertia) would be supportive.
Industrial metals supply/demand?

Yvonne
David Wilson

Copper narrative of tightness contradicted by 22-year high exchange inventories, deep contango, Chinese buying slowdown. Physical market easing, recent price moves speculative.

Aluminum genuinely tight due to China production caps.
Is China demand divorced from metals now?

Yvonne
David Wilson

China still 60% of copper consumption, but demand growth delta shifting to ex-China world. China in transition from industry to tech-heavy sectors.

European demand (Germany infrastructure, defense) picking up, US manufacturing struggling.

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