Goldman Sachs has warned that tariff uncertainty will trigger further volatility in metal markets, according to Daan Struyven, the bank's co-head of global commodities research. In a note to investors, Struyven said investors should expect more swings in critical metals including silver, copper, platinum, and palladium, citing high uncertainty from trade wars as a fresh catalyst. He noted that implementing tariffs is unlikely to create new critical mineral supply because mines and smelters take far longer to build than tariffs take to change. However, he added that the risk of tariffs still achieves a national-security objective by pulling metal inventories into stockpiles, which has tightened global liquidity and raised the risk of price swings.
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