A dramatic scene in the metal markets

Oli Hansen, head of the commodity strategy at Saksu Bank, said that global markets are still directly affected by the moves of US President Donald Trump, especially in the commodity and mineral sectors.

In July, the focus was on intense commercial negotiations that preceded the deadline of Trump on the first of August. While an initial agreement was reached with the European Union, negotiations with China continued, but other trade countries have had difficulty understanding with Washington.

Despite this tense political atmosphere, an unusual calm prevailed in the markets, which allowed Standard & Poor’s 500 and NASIS indexes to record new record levels, supported by strong American economic data that prompted to postpone the reduction in interest rates, high bond returns, and improve the performance of the dollar.

Precious metals: cohesion after a strong rise

The precious metals ended in July with a state of cohesion after strong gains in the first half of 2025. Silver and platinum continued to reduce the gap with gold, which remained within a narrow range after reaching a record level of $ 3,500 in April.

Platinum recorded annual gains of 61%, while silver approached the level of $ 40 an ounce, which is the highest since 2011, but it is still without its historical climax at $ 50.

Copper: From historical ascension to disappointment

Copper witnessed great fluctuations, as prices on the New York Stock Exchange rose to a record level at 5,8955 dollars on July 8, after Trump announced the imposition of customs duties by 50% on copper imports – that is, twice the market expectations.

But the surprise came later when Trump announced that refined copper in the future markets will be excluded from the fees until January 2027, which led to:

• An immediate collapse in the price allowance between New York and London

• Customers incurred huge losses

• American stocks accumulated to their highest level in 21 years

The excess of the supply may lead to a decrease in American prices without global prices during the coming period.

Long -term copper: a strategic commodity

Despite the fluctuations, copper prices on the London Stock Exchange stabilized at $ 9,550 per ton, with the support of long -term positive expectations.

The most prominent growth motives:

• Energy transformation and transportation

• Artificial intelligence and the expansion of data centers

• Resettlement of industries in the West

The supplies remain bound due to the lack of investments, as well as production disturbances such as a mining accident in Chile, which supports the expectations of continuing prices in the medium and long term.

Gold, silver and platinum: Is the wave of ascension ended?

The precious metals entered a stage of cohesion during July, despite the strong gains in the first half of the year:

• Gold: +27%

• Silver: +27%

• Platinum: +50%

It seems that the momentum has not yet ended, especially after the disappointing US job data, which has reducing the interest to the interface.

What do markets expect?

• Semi -definitely reduced interest rates at the Federal meeting on September 17

• Possible additional discounts in 2026

• A possible decrease by 125 basis points by next September

This scenario enhances the demand for minerals, especially through the metal -backed indicators (ETFS), due to the low cost of the alternative opportunity compared to bonds.

Why do precious metals remain a safe haven?

The precious metals have properties that make them unique compared to bonds and paper currencies:

• Politically neutral and unrelated credit for any country

• A global store of value, which drives central banks around the world to enhance their gold reserves

Technical view:

• Gold: It moves in a range of 3,245 – 3,440 dollars

• Silver: I fell slightly, with support at 35 dollars

• Platinum: