I just came across an interesting analysis by Johnny Tavis at UBS regarding the trajectory of precious metals during this period. What stands out is that Johnny emphasizes that investors—whether individuals, institutions, or even central banks—are rushing to increase their holdings of gold as a hedge against the macro uncertainty dominating the markets.

The main idea Johnny presented is simple but powerful: the demand for genuine diversification is what is driving gold prices higher now, not just a fleeting technical move. With increasing skepticism about the Federal Reserve's independence, the picture looks entirely different from previous years.

Regarding the numbers, Johnny predicted that gold could break through the $5,000 per ounce level if current concerns persist. This is not an outlandish forecast—it's based on a solid foundation of real institutional demand. Silver, on the other hand, will benefit from this rise and could approach $100 per ounce as the supply and demand gap narrows.

As for copper, the situation is a bit different. With the acceleration of the energy transition and the growing demand for key metals, the balance between supply and demand has become tighter. Johnny sees the average prices trending upward in this context. What I like about Johnny's analysis is that it is balanced—he doesn't talk about bubbles but about genuine trends supported by strong fundamentals.