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Copper has climbed close to $11,800 a tonne, and Peter McGuire, CEO of Trading.com, expects the momentum to continue. He believes prices could reach $12,200–12,300 by year-end, helped by stronger global risk appetite and firm market positioning.
Global metals are ending the year with powerful momentum, with silver, copper and gold all testing or approaching record highs. Peter McGuire, CEO of Trading.com, expects this rally to continue through the rest of December as the US dollar weakens and retail as well as institutional demand stays strong.
Silver has climbed to around $64 per ounce, surprising even bullish traders. McGuire had earlier expected the metal to settle in the $60-65 range this year, but momentum has now accelerated sharply.
According to him, the rally is being fuelled by a mix of short covering, strong retail demand, and years of underinvestment in the metal. He said, “It’s been bid up strongly… the overall appetite is just very, very strong.”
With only a few weeks left in the year, McGuire now believes silver could reach $68-69.50 per ounce by December-end if market sentiment remains firm and the dollar continues to weaken.
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Copper has rallied to nearly $11,800 a tonne, and McGuire expects the uptrend to continue. He sees a year-end target of $12,200-12,300, supported by improving global risk appetite and strong positioning ahead of the new year.
He notes that other industrial metals are also showing strength — aluminium around $2,900, zinc and tin holding firm — signalling broad demand across the complex.
The US dollar index has fallen to 88-week lows, down more than 8% for the year. McGuire expects further softness, projecting levels around 97.20-97.40.
He pointed out that upcoming shifts at the US Federal Reserve and renewed discussion around quantitative easing could add to dollar weakness. A more dovish policy approach in 2025 may support metals further.
Gold has broken out after a two-month consolidation and is now close to $4,300 per ounce. McGuire expects the metal to hit a new all-time high by Christmas. “By New Year’s Eve, I think we’ll be at all-time highs for gold,” he said, adding that 2026 could be a big year for precious metals.
