Recently, the precious metals market has been turbulent, with gold and silver prices fluctuating up and down. The underlying logic is quite clear—dollar credit is loosening. U.S. debt has already surpassed $38 trillion, and the global trend of "de-dollarization" is accelerating. The Federal Reserve has also started to cut interest rates. At this time, assets like gold with "zero credit risk" naturally become the preferred safe haven. Data shows that by 2025, global central banks will have increased their gold holdings by over 650 tons. Gold prices have already hit new all-time highs, and silver has followed suit with more volatile gains.

However, there is a detail worth pondering—industrial metals like copper have significantly lagged behind precious metals in price increases. This reflects a transmission logic of "financial attributes leading, industrial attributes lagging." Precious metals are rapidly sought after by capital, while copper prices are driven by the recovery of the real economy and industrial demand. Currently, the gold-to-copper ratio is at a historic low. Copper mine supply growth is only 3%, while demand in sectors like new energy vehicles and photovoltaic installations is growing over 20% annually. The supply-demand gap is widening. What does this mean? As signals of global economic recovery become clearer, there is considerable room for copper prices to catch up, potentially surpassing the gains of precious metals and becoming a growth engine for the entire metals sector.