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Gold, Silver Or Copper: Which Metal Will Reach New Highs In June?

By:
Phil Carr
Published: May 28, 2024, 20:16 GMT+00:00

It's official: 2024 will go down in history as one of the most profitable years ever for Commodity traders – And this could be just the beginning!

In this article:

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’s no question that the Commodity market is a treasure chest full of extraordinary opportunities – GSC Commodity Intelligence believe there are 3 Commodities to watch heading into June – which are still in the early stages of a secular Supercycle.

The Precious Metals Boom of 2024

Firstly, you certainly cannot talk about the Commodity Supercycle without mentioning Gold – And that’s because the world’s favorite precious metal has firmly positioned itself as one of the best performing asset classes of 2024.

After an explosive rally that catapulted Gold to a new all-time record high of $2,450 an ounce – prices have pulled back as trader’s bank windfall profits and get ready to capitalize on the precious metals next big move.

But the rally is definitely far from over.

Gold prices remain well supported above the key psychological level of $2,300 an ounce, which ultimately suggests that there’s still plenty of upside ahead.

Gold is not the only precious metal delivering glistening returns this year.

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 this 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!

Copper’s Bull Market: The Red-Hot Demand Driving Record Highs in 2024

As the demand for Commodities continues to soar – Copper is rapidly emerging as another metal that could be destining for explosive upside 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.

Bottom Line

As Gold, Silver and Copper prices continue their unstoppable upward momentum, eyeing dazzling new heights – analysts at GSC Commodity Intelligence are calling 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 undoubtedly three of the biggest booming industries today.

Whichever way you look at it, one thing is clear. The macroeconomic backdrop for Commodities 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.

About the Author

Phil Carrcontributor

Phil Carr is co-founder and the Head of Trading at The Gold & Silver Club, an international Commodities Trading, Research and Data-Intelligence firm.

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