Gold, Copper, Platinum - The Next Major Bull Cycle Ahead
The discussion links copper’s potential resilience to AI, grid upgrades, EVs, population growth, and industrialization, while noting supply constraints across gold and platinum-group metals. The guest also outlines W2’s drilling, metallurgy, and expansion plans, including the limits of its current exploration target. He expects copper to be higher in one to two years but anticipates volatility, and sees a bullish PGE market without the same new-demand profile he associates with copper.
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Read the Full SummaryKey Takeaways
The guest argues copper demand could remain resilient even in a recession, citing AI, grid upgrades, EVs, population growth, and industrialization; he expects copper, trading around $7 per pound after a roughly 100% rise over three years, to be higher in one to two years, while allowing for volatility and noting mine-life challenges over a five-to-ten-year horizon.
The guest describes gold’s decline as a natural drawdown and says constrained supply makes a significant influx unlikely, though gold has a larger secondary recycling market than copper. Separately, the host says Morgan Stanley’s CIO advocated a 60/20/20 allocation with 20% in gold, which the host sees as a possible sign of rising institutional interest.
The guest says Ontario’s efforts to shorten permitting timelines and involve First Nations in services and equity ownership could make the province a stronger mining jurisdiction. In that context, he favors nickel exposure as a copper-mine byproduct over a pure-play project, while saying an Ontario nickel sulfide project could merit consideration; he also notes that Indonesian supply is substantial and the prospect of supply control is uncertain.
ECONOMY
“You're seeing a lot of improvements in the federal and provincial government supporting the sector, reducing permitting timelines, attracting investment globally, you know, making sure that all the participants, you…”—
MARKETS
“there's very little rep replacement opportunities in in the copper sector and then you've also got a demand that I don't think will diminish even in a recession if you…”—
“Yeah, I agree with you Jesse. I think it's just a natural draw down. You know, very similar as the copper market…”—
“Yes. And the CIO of Morgan Stanley coming out not too long ago and advocating for a 60 2020 portfolio. That's 60% stock stocks, 20% bonds and 20% gold…”—
FORECASTS
“the mine life may be sufficient now but as you know if you look out 5 years 10 years that's the big challenge right so as an investor you've got…”—
Introduction
The guest sees copper’s bull market as early, supported by constrained supply and demand from AI, grid upgrades, electric vehicles, population growth, and industrialization; he expects higher prices over one to two years, with volatility.
How Much Higher Can Copper Go?
The guest considers gold’s pullback a natural correction, citing constrained supply and continued investment and central-bank demand, while acknowledging possible fluctuations and arguing that alternatives such as bonds and cash are less attractive.
Caution of Further Drop in Gold?
The guest says nickel’s supply picture differs from copper’s, with abundant Indonesian production and demand still centered largely on stainless steel; he favors nickel sulfide projects in strong jurisdictions or nickel as a byproduct.
Tailwinds Driving Nickel
The guest is bullish on PGEs because production is concentrated in older operations in South Africa and Russia, but says the sector lacks copper’s same new-demand profile; he also notes possible substitution between platinum and palladium and vehicle-related demand.
Platinum Group Elements
PTX Metals describes its Ontario copper, gold, and nickel-PGE exposure, including W2 in the Ring of Fire and a gold asset in the Abitibi; the company says it has been de-risking the projects and sees exploration and potential M&A ahead.
Overview of PTX Metals
The CEO outlines his finance and mining background and says PTX has added exploration expertise in geology, processing, and resource modeling, alongside board members with mining, governance, and M&A experience.
Team Behind the Company
At W2, PTX plans to convert its historical exploration target into a compliant resource, build on favorable copper and byproduct metallurgy, assess nickel concentrate economics, and test for deposit expansion and higher-grade zones.
Drill Campaign at W2
The CEO closes by emphasizing exploration, possible M&A, PTX’s two Ontario projects, and its uranium-company shareholding, while describing Ontario’s improving mining support and community partnerships as potential advantages.
Final Words on PTX Metals
The host points viewers to PTX Metals’ website and social channels, thanks the guest, and closes the episode with a subscription reminder.
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Important Disclaimers
Not Investment Advice: For education only — not financial, tax or legal advice.
AI-Generated: Made by AI from source transcripts and may contain errors.
No Guarantees: Past performance does not predict future results; investing carries risk.
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