Patrick Karim

Copper Hasn’t Reached Gold and Silver’s FOMO Yet

• Top takeaway The guest argues copper has experienced less speculation than gold and silver — even though copper is stretched today, it has not matched the distance gold and silver reached above their 2021 peaks.
• The guest defines FOMO objectively as the distance a price moves away from its moving average, and uses that metric to compare speculation across the metals.
• The guest cites copper's 2004 base breakout, noting it got stretched far from its moving average before correcting and then went on to a much larger subsequent advance.
• The guest points out that copper has still not retested its 2021 peak, distinguishing copper's current setup from gold and silver's blow-off extension.

Speculation can be measured by the gap between price and a long-term moving average — copper now sits 38% above its 36-month average. Gold and silver have already pushed past their 2021 peaks, while copper trades below its prior high, suggesting less copper FOMO so far. The guest reads copper's still-below-2021-peak setup through a 2004 base that stretched, corrected, then made new highs — leaving room to run.

Patrick Karim: Gold is Bottoming & Setting Up Its Next Big Move

• Top takeaway The guest argues the recent gold rally is just a bounce on the monthly chart, not a confirmed breakout — a true breakout will need a fresh base with three reactions and a defined breakout line, which he says does not yet exist.
• He notes gold is still 33% above its 36-month moving average as of the August 2026 recording, and argues gold does not V-shape after losing momentum: the historical pattern is sideways, then up.
• He sees a possible 25% move in gold over the next couple of months, but warns any gains would be 'diluted' by many months of sideways action afterward, framing this as the 'returns over time' investors overlook.
• On silver, he calls it the same story as gold — a short-term four-hour breakout that needs to reset, with a major resistance 'wall' near $71 that must be cleared before a larger move can build.
• On copper, he argues it has outperformed gold and silver by not producing a blow-off top, sits 38% above its 36-month moving average, and shows less FOMO, leaving potential upside toward an $8 target.

Patrick Karim frames gold's and silver's recent rallies as bounces inside a correction, not confirmed monthly-chart breakouts. Copper's shallower pullback left it in a cleaner uptrend, with the analyst eyeing $8 as the next measure-move target. The 12- and 36-month moving averages define long-term trend; gold sits 33% above its 36-month MA, signaling a corrective phase. Oil's main setup is a monthly breakout above roughly $91.50, with implied targets of $115 to $300 if it confirms. Global yields are breaking out while bonds break down, so the guest stays cautious until charts turn.

Silver Needs A Breakout First

Patrick Karim warns that silver's momentum has slowed after becoming stretched on a monthly basis. Silver must reclaim a stronger technical level with a monthly close before the risk/reward setup becomes attractive. Investors should avoid chasing the current move until silver confirms a clear technical breakout. The current setup does not justify aggressive positioning due to unfavorable risk/reward dynamics. Technical analysis suggests caution is warranted for silver investors in the short term.

The Dollar Collapse Narrative Is Wrong

Patrick Karim challenges the popular narrative that the U.S. dollar is inevitably collapsing to zero, offering a counter-argument for investors. While the dollar loses purchasing power against gold, it can still strengthen against other fiat currencies depending on relative yield dynamics. Investors should monitor comparative U.S. yield growth, as rising rates could unexpectedly strengthen the dollar against global currencies.