I'm definitely watching copper. The red metal looks like it wants to break out to the US$4.60/lb level on the spot price. If it does, I think it then rushes to the US$5/lb level. I absolutely see US$6 and US$7 per pound copper in the cards over the next several years. With copper shortages materializing in the global clean energy transition, you’ll want to make sure to have a very good amount of copper exposure in your portfolio.
As always, I’m watching gold, which has been a bit boring the last few weeks. Yet, I actually find that exciting because every time the yellow metal gets boring, it shoots higher, just like it’s doing today. And, to me, putting in a higher base around the US$2,330 to US$2,340 per ounce level is a heck of a new base.
I'm also seeing a dollar index that finally looks like it wants to weaken. It's currently sitting right above the 105 level. And any further move to the downside will certainly bode well for precious metals prices.
I’ll also be keeping an eye on uranium and lithium. That's what I have my eye on this week.
Have a great week out there everyone.