Silver is perking up, copper just hit a record, and gold is sitting out the move.
Silver futures (SI=F) and copper futures (HG=F) have been rallying hand-in-hand lately, while gold futures (GC=F) have drifted lower
The metals market is drawing a line between safe-haven demand and hard-infrastructure demand — and right now the AI build-out is showing up on the copper-and-silver side. Copper is the stronger tell. The metal hit an all-time intraday high Tuesday and has rallied roughly 55% since the March 30 stock-market low.
The move is broader than copper. The Bloomberg industrial metals index — composed of aluminum, copper, nickel, lead, and zinc — is pressing toward its highest level since 2022, reinforcing the idea that the market is repricing the physical inputs behind the AI build-out. The next-to-last day of March has become a useful dividing line across markets.