NAI 500: Copper Isn’t Precious, It’s Worse
- 7 days ago
- 1 min read
Copper is having a moment as a macro trade.
In NAI 500’s look at copper's shifting role amid tariff risk and gold's fading shine, CIO of Global Macro Dave Aspell drew a clear line between the two metals. Copper, he noted, doesn't share gold's scarcity profile — reserves and production dynamics are "massively different both outright and relative to production."
That distinction matters as tariff uncertainty pulls capital into COMEX warehouses and traders debate whether copper can offer inflation protection with an industrial growth tailwind attached. Unlike gold, copper's story is tied to policy outcomes as much as physical scarcity.
The metal's next move may depend less on spreadsheets and more on what happens in Washington.
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