24K99 News FXEmpire analyst Phil Carr said that for the fourth consecutive year, prices of 47 commodities, including metals, energy and agricultural products, have continued to reach multi-year and historical highs. He mentioned that 2024 will be one of the most profitable years in history for commodity traders. Silver has risen strongly and copper prices have started explosively, and he believes that corrections should be seen as buying opportunities.
Although it is undeniable that the entire commodity market has provided a hotbed of opportunities for traders seeking huge returns, GSC Commodity Intelligence analysts believe that there is a specific area that still has great upward potential.
More specifically, it's silver and copper.
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Since October last year, the price of silver has been skyrocketing, rising from less than $20 per ounce to a 12-year high of $32.50 per ounce last month, achieving an astonishing increase of more than 62% in such a short period of time.
The last time the price of silver exceeded $32 per ounce, the trading price of this precious metal within 100 days reached $50 per ounce. If this is the main indicator of predicting the future performance of silver prices, then this ultimately means one thing.
"The price of silver is about to rise," said Phil in his outlook.
With the continuous soaring demand for commodities, copper is rapidly becoming another metal that may experience explosive growth in the second half of this year.
The second long-term "bull market" of copper this century will start with explosive prices in 2024, rising to a historical high of $11,104 per tonne.
The rise in copper prices is driven by a series of bullish macroeconomic factors, one of which is the hot demand for copper under the promotion of energy transformation and artificial intelligence (AI) technology.
As silver and copper prices continue to maintain their unstoppable upward trend and are expected to set dazzling new heights, GSC Commodity Intelligence analysts officially call 2024 the "Metal Year."
As coal was to the industrial revolution and oil was to the 20th century, copper and silver are essential for the green energy transformation, AI, and electric vehicle industries, undoubtedly the three biggest thriving industries today.
In summary, Phil believes that one thing is clear from any perspective. The macroeconomic background of metals in 2024 looks more optimistic than ever before, and prices will definitely not take too much time to break new records in the coming weeks and months.
GSC Commodity Intelligence analysts continue to emphasize their views in a report to clients: "Before entering the second half of this year, corrections should be seen as buying opportunities, because prices will not be low for a long time."