Fidelity fund manager Chris Tennant sees copper in a 'decade-long bull market' on deepening supply constraints — and says gold has entered a 'new paradigm' since Covid and the Russia-Ukraine war that should support prices for years to come.
His gold case rests on two pillars: developed markets pushing fiscal policy 'past the point of no return', and emerging-market central banks diversifying into gold after Russia's foreign exchange reserves were confiscated. Gold's average share of central-bank reserves has risen from 14% to 25% in just two years.
On copper, Tennant notes supply is set to decline by around 6 million tonnes over the next decade as projects wind down, with only 2 million tonnes of new committed projects — and no major greenfield discoveries in ten years.
