Here’s why 2024 is the year of the metals [Video]
|It's official: 2024 will go down in history as one of the most profitable years ever for Commodity traders – And this could just the beginning!
This is now the fourth consecutive year that has seen a total of 47 Commodities ranging from the Metals, Energies to Agriculture notching up a series of back-to-back multi-year and all-time record highs.
While there is no denying that the entire Commodities market presents a hotbed of opportunity for traders looking to achieve extraordinary gains – analysts at GSC Commodity Intelligence believe that there is one sector in particular, which still has plenty of upside potential ahead.
And that’s the metals, but more specifically Silver and Copper.
Silver has been on a blistering run since October last year, rallying from just under $20 an ounce to a 12-year high of $32.50 an ounce last month – scoring an impressive gain of over 62%, within such as a short space of time.
The last time Silver prices broke above $32 an ounce – the precious metal went onto trade at $50 an ounce in the space of 100 days. If this is a leading barometer for predicting the future performance of Silver prices, then this ultimately means one thing.
Higher Silver prices are coming!
As the demand for Commodities continues to soar – Copper is rapidly emerging as another metal that could be destining for explosive upside in the second half of this year.
Copper's second secular “bull market this century” is off to a red-hot start in 2024 with prices surging to a new all-time record high of $11,104 per metric ton.
The boom in Copper prices is being fuelled by a magnitude of bullish macro tailwinds, one of which is red-hot demand for the metal to power energy transition and artificial intelligence technologies.
As Silver and Copper prices continue their unstoppable upward momentum, eyeing dazzling new heights – analysts at GSC Commodity Intelligence have officially dubbed 2024 “The Year of The Metals”.
What Coal was to the Industrial Revolution and Crude Oil to the 20th Century – Copper and Silver are indispensable to the Green Energy Transition, Artificial Intelligence and the EV sectors – which are undoubtable three of the biggest booming industries today.
Whichever way you look at it, one thing is clear. The macroeconomic backdrop for metals in 2024 is looking more bullish than ever before – and it certainly won't take much for prices to breach new highs in the coming weeks and months ahead.
In a note to clients, analysts at GSC Commodity Intelligence continued to double down on their view that “pullbacks should be viewed as buying opportunities before we enter the second half of this year because prices won't stay low for long”.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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