Key Insights on Metals Why isnt #gold the real king of metals? #Gold is primarily a monetary asset. Its price is heavily influenced by the US dollar, also by real interest rates, centralbank demand, monetary policy and geopolitical risk. A weaker dollar generally supports gold, while higher real yields tend to pressure it. #Silver partly trades as a monetary metal alongside #gold, but it also has significant industrial demand and is currently experiencing a structural supply deficit. #Palladium and #platinum are even more dependent on physical supply and demand fundamentals, particularly from the automotive and industrial sectors. But the metal I would really watch is #copper. #Copper is much more directly tied to the real economy and physical supply constraints. Electrification, power grids, AI data centers and industrial expansion are creating enormous longterm demand, while mine supply is relatively slow to respond. When it comes to measuring the physical tension between global demand and available supply, copper may be the more interesting metal. And from that perspective, #platinum deserves far more attention than it usually gets as well.