7 May 2024
In the midst of escalating geopolitical tensions, gold and copper have become key commodities, not just weathering market volatility but flourishing. Gold, a long-established safe-haven asset, has seen prices soar to near record highs due to its appeal in uncertain times, with central banks, especially in emerging markets, significantly boosting their reserves—290 tons in the first quarter of 2024 alone, a record according to the World Gold Council. This trend underscores a strategic pivot towards gold as a reserve currency, moving away from the U.S. dollar, and suggests that both gold and copper may be at the start of a prolonged bull market that investors should closely watch.