Copper Hasn’t Reached Gold and Silver’s FOMO Yet
VRIC Media Aug 13, 2026
Summary
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's takeaways
- 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.