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Copper Top (And Gold $2,600)

Posted March 27, 2024

Matt Insley

By Matt Insley

Copper Top (And Gold $2,600)

“I don't believe you can classify anything said against Ukraine as pro-Russian,” says Lesia B. 

“Biden and his cronies are spending way too much money on a country that is a lost cause. They need to worry more about what's going on in our own country. Let's take care of America FIRST!”

In terms of “Dr. Copper,” reader James P. says: “It wasn’t all that long ago when thieves were stripping copper from apartments, homes, businesses, etc. Even trying to pull copper off power poles. They were stealing entire AC cooling units for their copper motors and radiator coils and then selling the copper as scrap.” 

Copper thefts across the U.S. are still happening. And with the price of copper on the rise, I suspect thefts will continue to ramp up. 

In Minnesota, for example, state lawmakers introduced legislation Monday “in hopes of curbing a rash of copper wire thefts that have darkened streets, cost millions in repairs and resulted in injuries to Minnesotans,” The Star Tribune says. 

“The bill, authored by Rep. Athena Hollins, DFL-St. Paul, would require a commissioner-approved license for people who buy or sell copper in Minnesota. Businesses purchasing copper would be required to track each sale and scan the sellers' license.”

Feel free to write in: Do you think Minnesota’s proposed legislation is too restrictive or appropriate?

In the meantime, we turn our attention today to commodities (including copper)... 

Send your opinions to, feedback@newsyoucanacton.com

Your Rundown for Wednesday, March 27, 2024...

Copper Top (And Gold)

“Commodities have made a modest advance in the first quarter, with crude strengthening, gold hitting a record, and copper topping $9,000 a ton,” Bloomberg says. 

Although the Fed kept interest rates on pause last week, the so-called experts anticipate three rate cuts ahead in 2024. 

According to the wonks at Goldman Sachs: “We find that U.S. rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil.” 

Bloomberg notes: “Raw materials may return 15% over 2024 as borrowing costs come down, manufacturing recovers, and geopolitical risks persist… 

Commodities Source: Bloomberg 

“Copper, aluminum, gold and oil products may climb, according to [Goldman], which also stressed the need for investors to be selective as gains wouldn’t be universal. 

“Among Goldman’s year-end forecasts, copper was seen at $10,000 a ton, aluminum at $2,600 a ton, and gold at $2,300 an ounce.” [Emphasis ours]

But Paradigm’s market analyst Greg “Gunner” Guenthner believes gold’s target might be slightly higher… 

“I think $2,400 is a reasonable short-term upside target,” Gunner says. 

“From there, $2,600 is well within reach over the next several months, which would match my longer-term prediction from mid-December.

Market Rundown for Wednesday, March 27, 2024

The S&P 500 is up 0.50% to 5,290. 

Oil is down 0.65% to $81.19 for a barrel of WTI. 

Gold is up 0.55% to $2,190.40 per ounce, according to Kitco. 

And Bitcoin is up 1.15% to $70,550. 

Send your comments and questions to, feedback@newsyoucanacton.com

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