Blistering Metals Rally Sends Gold, Silver, Copper to Records

Core Insights - Metals have experienced significant price increases, with gold, silver, copper, and tin reaching record highs due to expectations of US rate cuts and improved sentiment in Chinese financial markets [1][2]. Group 1: Precious Metals Performance - Silver surged by 5.3% to exceed $90 per ounce for the first time, while gold achieved another all-time high [3]. - Gold rose 65% and silver jumped nearly 150% in the previous year, marking their best annual performance since 1979 [4]. Group 2: Market Dynamics - The "debasement trade" has driven investors away from government bonds and currencies, favoring precious metals as a hedge against rising debt levels [4]. - A weaker US dollar has made dollar-denominated commodities more affordable for international buyers [4]. Group 3: Speculative Activity - A speculative frenzy in China has significantly contributed to the metals rally, with increased trading volumes and open interest in commodities like copper, nickel, and lithium on the Shanghai Futures Exchange [5]. Group 4: Supply and Demand Factors - Base metals are benefiting from anticipated tighter supply due to disruptions in global mining and smelting operations, with notable issues in the copper and aluminum markets [6].