Commodities hype alert: Silver is next gold, copper next silver… beware investors, warns Gurmeet Chadha

Even as gold and silver shatter records almost on a daily basis with new lifetime highs, Gurmeet Chadha, Managing Partner & CIO at Complete Circle Consultants, warns investors of going overboard with commodities, calling them more complex than as perceived now with much longer cycles than the equities.

The comments came in the wake of comparisons now being made among metals.

“Aluminium is next copper, Copper is next silver, Silver is next gold.. All these stories and comparisons have started… Commodities are more complex and have much longer cycles than equities. Be careful and don’t go overboard..,” Chadha said in a tweet.

Both gold and silver have had a great run in 2025, so far, with gold rallying around 60% and silver surging by over 70%. The demand for these safe haven assets has been on the rise primarily due to global uncertainties arising out of US President Donald Trump’s tariff policies. The latest threat on imposing a further 100% tariff on China from November 1 by Trump after Beijing imposed “extraordinarily aggressive” export curbs on rare earth minerals, triggered a significant surge in gold and prices on Monday.

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The peace deal between Israel and Hamas had no adverse impact on gold and silver prices on Monday which rallied nearly 3% and 6.6% on the COMEX today. Gold surpassed $4,100 mark while silver which was hovering around $50.375 at 11:19 AM ET (8:50 pm India time) inche towards its life time high of $51.70/oz.In another development, Bank of America on Monday raised its price forecasts for both gold and silver while not ruling out a near-term correction. BofA has lifted the yellow metal price target for the 2026 outlook for gold to $5,000 an ounce, with an average of $4,400. For white metal, the target is placed at $65 an ounce, averaging $56.25, Reuters reported.”The White House’s unorthodox policy framework should remain supportive for gold given fiscal deficits, rising debt, intentions to reduce the current account deficit/capital inflows, along with a push to cut rates with inflation around 3%,” the report said, quoting the US-based lender.

Bank of America is the first major bank to raise its gold price forecast to $5,000/oz for 2026.

Also Read: BofA hikes gold’s 2026 target to $5,000; sees silver testing $65 but with this caution

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