Goldman Sachs lights fuse under copper


Copper got a big vote of confidence this week when Goldman Sachs declared the metal “the new oil” and predicted copper price would reach $6.80 per pound by 2025.

On Friday editor Neils Christensen, Kitco correspondent Paul Harris and mining audiences manager Michael McCrae recorded a podcast with guest Ryan King, Vice President Corporate Development at Calibre Mining. The panelists discussed gold and inflation, as well as rising commodity prices due to energy transition and metals needed to build future infrastructure.

Copper was up about 3% for the week and as of Friday June copper futures were $4.17 per lb.

In a note published on Tuesday, Goldman said copper looks good due to energy transition. Copper is needed for power plants and all those new electric vehicles. Copper is also aided by stimulus, infrastructure packages passed by governments to support economies harmed by the pandemic.

In February copper hit a multi-year high.

Calibre Mining operates the El Limon and La Libertad gold mines in Nicaragua. 2021 gold production is expected to be between 170,000 – 180,000 ounces.

1:25 – Gold impacted by rising inflation
8:12 – Goldman Sachs and copper
9:03 – Robert Friedland and copper
15:55 – Tin prices
34:18 – Consolidation and M&A in the gold space
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