Gold, Copper, Platinum - The Next Major Bull Cycle Ahead
Summary
PTX Metals' CEO argues copper's bull market is early, with constrained supply and AI, grid, and electrification demand supporting prices near record highs.
Gold's pullback from record highs looks like a natural drawdown to the guest, with central-bank buying and unattractive bonds and cash supporting demand.
The guest prefers nickel exposure as a byproduct of copper mines rather than pure-play projects, citing Indonesian supply and stainless-steel-driven demand.
The guest is bullish on platinum group metals: supply concentrated in South Africa and Russia, hybrids sustaining catalytic converter demand.
PTX Metals is upgrading W2's 2.3-billion-pound copper equivalent resource (all metals valued in copper terms) while drilling new Abitibi gold targets.
Greg Ferron's takeaways
- Top takeaway Argues the copper bull market is still early — supply constrained by falling grades and aging mines, with demand from AI, grid upgrades and electrification that would endure even in a recession — and expects prices above the roughly $7 per pound level of early October 2026 within a year or two, despite volatility.
- Sees gold's pullback from about $5,400 to about $4,150 as a natural drawdown in a supply-constrained market, with central-bank and investment demand plus unattractive bonds, cash and real estate meaning limited downside.
- Is cautious on pure-play nickel given abundant Indonesian supply and demand driven mainly by stainless steel rather than EVs, preferring nickel exposure as a byproduct of copper mines or via quality nickel-sulfide projects in strong jurisdictions such as Ontario.
- Is bullish on platinum group metals because production is concentrated in old mines in South Africa and Russia, hybrids keep catalytic-converter demand alive, and substitutability between platinum and palladium should eventually lift palladium prices.
- Frames PTX Metals as past the de-risking stage and entering an exploration-results phase, with the W2 resource upgrade, deposit expansion, possible M&A, and the Dream Canada Uranium stake as the routes to unlock value.
Jesse Day's takeaways
- Top takeaway Frames copper, gold, nickel and the PGEs as an early-stage, supply-constrained bull cycle, and argues institutional money is starting to turn toward gold, citing the Morgan Stanley CIO's 60/20/20 portfolio advocacy.
- Views nickel as an under-the-radar market with a strong setup, and notes that PGE exposure through miners is scarce because supply is concentrated in Russia and South Africa.