(Bloomberg) — Copper hit a fresh all-time high above $12,000 a ton as severe mine outages and trade dislocations linked to US President Donald Trump’s tariff agenda put the crucial industrial metal on course for its biggest annual gain since 2009.
Prices rose as much as 2% to $12,159.50 a ton on the London Metal Exchange, extending a rally that has lifted prices by more than a third this year. The possibility that Trump will place tariffs on the metal has been a central factor driving prices higher, with a surge in US imports through the year thrusting manufacturers elsewhere into a bidding war to keep hold of supplies.
https://finance.yahoo.com/news/copper-hits-12-000-first-113635990.html
(Bloomberg) — Gold and silver rallied to all-time highs on escalating geopolitical tensions and prospects for more US rate cuts.
Spot silver rose as much as 1.8% to trade above $70 an ounce for the first time. Gold was near $4,500 an ounce, extending gains after its biggest one-day jump in more than a month. Traders are betting the Federal Reserve will follow three straight interest-rate cuts by lowering the cost of borrowing again next year, which would be a tailwind for non-yielding precious metals.
Gold’s haven appeal has also been amplified in the last week by rising geopolitical tensions, particularly in Venezuela, where the US has blockaded oil tankers as it ratchets up pressure on the government of President Nicolás Maduro.
“Geopolitical frictions have re-entered the narrative,” said Ahmad Assiri, a strategist at Pepperstone Group, citing the oil-tanker seizures. “These developments, while not triggering outright risk-off moves, undoubtedly add to the background demand for gold as a must-have hedge.”
The Great Inflation rally sent silver from $6/oz to $52, a massive +750% gain.
The rally was driven by aggressive money printing and rising inflation.
During the final blow-off phase, silver gained +350% in the last 100 trading days.
Wild to watch the old game tapes. pic.twitter.com/X0RkhEbrfE
— Hedgeye (@Hedgeye) December 22, 2025
🚨MASSIVE SILVER INVENTORY WITHDRAWALS HIT COMEX! 🚨
🏦COMEX SILVER INVENTORIES UPDATE 12/22
🚨4 Large Withdrawals Combined to Remove 3,083,408 oz of #Silver From COMEX Vaults!
🔥589,064 Withdrawn From Asahi Vaults
🔥600,000 Withdrawn From CNT Vaults
🔥10,981 Withdrawn From… pic.twitter.com/9bPjzVuYaS— SilverTrade (@silvertrade) December 22, 2025
When industrial metals and safe havens run together, something big is cracking underneath.