Rising cases in the US risk derailing efforts to kick-start the world's top economy, while massive government asset-purchase programs are flattering the outlook for gold and copper. Both assets typically benefit from the side-effects of stimulus, such as declining bond yields and a weakening dollar.
The speed of copper's rally is also starting to create headwinds, with the recent spate of buying pushing the metal deeper into technically overbought territory, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S. "An environment where China, the world's largest retail buyer, outperforms the US is ideal for gold."
Silver too has a"near perfect environment" to finally perform," Goldman Sachs said in a note dated July 9, based on drivers including a Chinese-led recovery in industrial activity, safe-haven buying and lower supply due to Covid-19-related mining disruptions in the Americas.
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