Commodity hype warning: silver is the next gold, copper the next silver… investors beware, warns Gurmeet Chadha

Even as gold and silver break records almost daily with new all-time highs, Gurmeet Chadha, Managing Partner & CIO at Complete Circle Consultants, warns investors not to go overboard with commodities, calling them more complex than currently thought, with much longer cycles than equities.

The comments came in response to comparisons now being made between metals.

“Aluminum is the next copper, copper is the next silver, silver is the next gold. All these stories and comparisons have started… Commodities are more complex and have much longer cycles than stocks. Be careful and don’t exaggerate…,” Chadha said in a tweet.

Both gold and silver have had a great run so far in 2025, with gold up around 60% and silver up over 70%. Demand for these safe havens has increased, mainly due to global uncertainties arising from US President Donald Trump’s tariff policies. Trump’s latest threat to impose another 100% tariff on China from November 1, after Beijing imposed “extremely aggressive” export curbs on rare earths, caused gold prices to rise significantly on Monday.

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The peace deal between Israel and Hamas had no negative impact on gold and silver prices on Monday, which rose nearly 3% and 6.6% on the COMEX today. Gold surpassed the $4,100 mark, while silver, which was hovering around $50.375 at 11:19 AM ET (8:50 PM Indian time) towards its lifetime high of $51.70/oz. In another development, Bank of America on Monday raised its price forecasts for both gold and silver, without ruling out a near-term correction. BofA has raised its yellow metal price target for gold’s 2026 outlook to $5,000 per ounce, with an average of $4,400. For white metal, the target is set at $65 per ounce, an average of $56.25, Reuters reported. “The White House’s unorthodox policy framework should continue to support gold given fiscal deficits, rising debt levels, intentions to reduce the current account deficit/capital inflows, along with an effort to cut interest rates at around 3% inflation,” the report said, quoting the US-based lender.

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

Also read: BofA raises 2026 gold target to $5,000; sees silver testing $65, but with this caution

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