Copper Predictions

[26:16] It might be frothy right now, but if I look 2 years out, uh it's cheap.

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[19:15] copper is the most certain of the bull cases out there. It is uh the most if anything could be assured I think that is because we're we're seeing a demand curve for copper like perhaps nothing we've ever seen in any other commodity in modern history and it's running smack dab against uh very severe supply constraints.

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[2:09] there are tremendous opportunities in copper and in junior copper developers around the world because we are heading into a massive scarcity and supply of copper for not just future demand but current demand.

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[15:39] Copper that hasn't done that yet. You know copper is kind of sort of like in that where silver was at 40. And I expect copper to go crazy here. So, it's almost like the best analogy I keep using is it's almost like a a beach ball being held up against inside of the water and you know eventually right now we're seeing that some I don't know a little kid just forcing it down but eventually that thing just keeps going

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[20:49] Copper will be higher in nominal prices and higher in real prices 5 years from now, absent a depression, guaranteed.

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[9:55] right now, we're using more copper than we produce. And you can only use more copper than you produce when you have surplus inventories. We're about 3 years away from being out of inventories.

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[6:37] I expect as an example the copper quote to be flattened down.

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[48:04] Uh copper is something that people have been watching. So, I'll say it's $6 right now. Um And And of course, if the world is electrified, which it's going to be, uh uh copper is the way to do it.

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[28:40] Copper. Bullish two years.

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[21:50] I think minimally there will be $50 billion in new transactions in the next 10 years. Minimally. Uh, and by the way... the nominal number will be much higher 70 or 80 billion.

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[13:13] There is zero doubt that we're going to have lower supplies. We made this argument uh Adam, you and I uh at the end of 2025 around oil... There is zero doubt that copper supplies will fall over five years. You needed to work 15 years ago to increase supply now.

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[8:31] the amount of copper demand that is going to be expressed in the market will not be able to be satisfied at a price that the market is willing to pay. It just isn't possible.

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[17:45] it's a supply demand trade. Copper is in short supply. There are a lot of... it again, it's a a medium-term trade. You're not trading this day by day. You're accumulating it because you know that we need copper for pretty much everything in the industrial sector.

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[20:18] there's going to be a pro the best estimate there's going to be a 30% excuse me supply deficit by 2035 about 8 thou 8 ton 8 8,000 tons and sorry 8 million tons by 2035 and no one knows where this copper is going to come from

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[24:04] copper can easily go from what is it 620 a pound right now? Um, it could go to say 89 $10 a pound.

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[17:53] Copper stocks, any stocks like aluminum or Alcoa. We've lightened it a little bit. We've had it for 3 years, but aluminum is going to be a bedrock of the data centers... get out of these tech stocks and you should own the First Quantums should own the BHPs, the Rio Tintos.

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[26:30] copper is the metal everything runs through. Uh, and you can't print it or substitute it. So, I'm all in on copper.

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[34:33] this year, I think everybody has flopped. They're saying deficit this year, 400,000 tons this year. Um the entire stockpiles of the world, I think, are like uh a million tons, right? So you can see that already you've just eaten up half of the uh stockpile by the by the end of the year.

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[9:56] we're only in the very very beginning of this this rotation on the equity side that and it's starting to play out right so um I I think that's the dynamic that's going on and really the pool of I think if you look at the valuation of all miners versus the rest of everything. It's like 1% of the total uh capitalization of of market right now. It's a at a historical low. So even as just little things start a couple drips come into it, but it these drips could quickly turn into a to into into a flood

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[31:39] copper probably easily towards $4 a pound if this normal happens. This is the normal reversion.

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[8:32] is is the amount of focus we're we're spending in terms of time and effort in capital into smaller markets that are not as relevant as as things like copper for instance which are likely to be you know a huge problem here in the near future.

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[0:10] we had suggested that copper would be above seven actually by the end of this year dollars per pound. We think that's going to continue already seeing breaks above that.

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[13:54] The margins of gold companies and silver companies is drastically higher today than copper companies. But that's just a function of how much prices of precious metals have run up relative to copper itself. I think I think we're in the process of seeing that shift now where copper companies will also benefit from a better uh profit margin uh which will be historical too in my in my view.

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[13:17] copper to me is probably the best set up uh for for every one of the metals... we're sitting here at all-time highs today. That's why projects like Madison are so important

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[21:35] Copper miners are printing money and are going to continue to print money for years and years. And so we're we we have a big position that's our favorite right now in copper miners.

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[26:24] We have copper by 2030 rising, doubling in price, $28,000 by 2030.

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[9:27] the impact long term for copper is very good. It's, you know, the whole electrification story.

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[24:53] We've had a 50% increase in copper over the last 12 months. That has not really been reflected in the stocks yet. And even with the stocks moving higher... this is maybe just the beginning of of a big copper move.

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[11:27] I do believe silver and copper have already bottom... Its fundamentals have never gotten better than it is now.

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[9:22] Copper, you can't electrify and do all that we want without a lot more copper, but we have a shortage of copper. That's why it's over six bucks. It could easily go 8, 9, 10 dollars over the next couple of years.

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[8:16] The implications are the copper price is going to go a lot higher because you need a lot of copper for these data centers.

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[11:16] So copper is on my above six you showed right there is on my potentially prudent short list because it is stuck.

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[24:07] And and interestingly enough um if you think of copper or even silver, those are almost in in my view over the next 5 years more predictable in the sense that they are you know they're not being produced at the level that we we need them. There's already a shortfall.

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[20:50] If we started looking for copper today, in my experience, as an example, grassroots exploration on a district scale takes a decade to pay off. We're talking about a circumstance where we meaningfully increase supply from frontier areas 15 or 20 years from where we push the start button.

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[18:48] I think that we're going to have to mine more copper over the next 30 years, not 15, 30 years than we've mined in all recorded history.

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[22:45] At the same time that demand is increasing at 2 and a half or 3% compounded a year, production is falling up between one and one and a half% a year. So the gap gets fatter and fatter and fatter.

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[31:03] When we ration by price, I say when, not if, society will find a way to save itself. Money is made by when the whole herd gets attracted to copper at 12 or $15.

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[0:30] sooner or later it's going to really break free

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[32:12] in closing as you said like I'm I'm bullish gold I'm bullish silver. I'm bullish copper as well. All mid to long-term

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[32:54] Robert was telling me that with the projected demand for data centers that we will consume more copper in the next 15 years than we've consumed in the history of humankind.

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[38:43] So, the price is going to gap up at some point into the, you know, when the phase change happens. And so today's price, even though it's an all-time record, is going to seem, you know, pathetically cheap, cheaper than dirt.

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[28:57] copper I think is going to move this year. I think this is going to be the year you really see copper make a material move similar to kind of what gold did or gold started to do back in 2024.

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[28:12] I think copper is about to break out in a big way.

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[2:24] And the next big thing is copper. So, I'm kind of shimmying into copper and and that's done me really well, but I think it's going to it's going to do what silver and gold has done near enough or for that matter platinum and palladium. And of course, it hasn't done that yet. It's made an all-time high, but you know, it's a it's going to be comparatively low, I believe, to where it's actually going to end up in the next six or nine months or a year even or two years.

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[17:14] It'll go 3x in the next two years.

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[15:56] we follow copper and uranium closely and and basically for the same reasons supply demand issue. Uh, there's just not enough supply in the big picture for either metal going forward... when you add all these factors up, we we're very bullish on copper

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[24:46] It's not a problem that's going to be solved by increased supply over the next 5 years. It's going to be solved by higher prices. That's that's how you're going to solve this problem. Much higher prices.

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[0:04] Copper's going to do what silver just did, but it's not done it yet. It's just starting.

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[16:18] Now if I'm wrong, copper won't 5x. If I'm right, it will start to see that kicking off next year and it's going to be a one-way runaway train.

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[19:02] why is copper again my most my my top pick for 2026? It's not because I necessarily think copper will go up more than gold or silver or uranium. It's because I have the highest confidence that it will and that I think it will be substantial.

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[31:36] Copper was my favorite metal. It remains it. I think it's slow but steady higher.

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[33:48] Copper is just going to go at some point like that platinum thing... Copper is going to go nuts. Metals are going to go nuts in the next two or three years.

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[1:35] I was looking by year end to be somewhere between five and 525

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