We are looking at copper prices to approach or exceed $6 per pound in about two years. In the near term, with a more micro view, we are expecting further softness in copper prices.
Later in 2024, there will be an opportunity to trade bearish with conviction and to hold precious metals with conviction as well. It’s a post-bubble thing.
With very little set to improve in the coming years, whether it is money supply, the Middle East, the Russia-Ukraine war, we think 2024 will prove to be another pivotal one for gold.
The market is staying over the 18-week average of closes, you had that monster break. This market has just negated a downtrend. Lower highs, lower lows – a downtrend by the classic method.
Economics will more often point you in the wrong direction when it comes to the stock market. Economic factors do not drive the market. Rather, market sentiment does.
The dream would be that the gold market keeps coming down on the weekly chart and gets into that 18-week average, holds it, and starts up again, but I don't think that's going to be the play.
