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“We’ll consume as much copper in the next 22 years as we have throughout all of human history.”

Karim Rahemtulla, Co-Founder, Monument Traders Alliance 

Dear Reader,

I’m not a fan of silver right now. My readers already know this.

Especially when it goes ballistic to $115 an ounce for absolutely no reason other than some memeification nonsense.

While everyone was getting excited about meme silver, I was sitting there thinking the same thing I always think when silver gets hyped: this is not where you build wealth.

So I just had Dave Cole, CEO of Elemental Royalties, on our Monument Trend Advisorylivestream, and he told me something about gold buying that should make every trader stop and think.

The $100 Million Weekly Gold Buyer You’ve Never Heard Of

According to Dave, there’s a company buying three metric tons of gold every single week. That’s over $100 million worth of physical gold, week after week, taking delivery and storing it in bunkers in Switzerland guarded by the Swiss Army.

I’m talking about Tether – the stablecoin company that most people know for USDT. What Dave explained to me is it’s making $20 billion a year in profit from its stablecoin business, and it’s systematically converting that into hard assets.

Three metric tons per week. Not gold ETFs. Not paper gold. Physical metal that gets shipped to Swiss vaults.

The CEO calls gold “the natural Bitcoin.” And according to Dave, the company is not just talking about it – it’s backing up the truck every single week.

Add that to central banks buying copiously – China’s, for one – and you start to understand why gold is sitting at $5,000 and holding.

This isn’t some temporary spike. This is institutional demand that didn’t exist five years ago. And here’s the kicker: they’re not limited by cash – they’re limited by the availability of actual physical metal.

The Copper Story That’s Even Better

But here’s what really got my attention from talking to Dave: copper.

He said that conservative mineral economists are projecting that we’ll consume as much copper in the next 22 years as we have throughout all of human history.

Think about that for a second…

The compound annual growth rate of copper consumption has been 2% to 3% our entire lifetime. And it’s not slowing down.

Copper is in everything – radiators, refrigerators, air conditioning, plumbing, wiring. Everyone talks about batteries and EVs, but Dave pointed out that’s actually a small component of overall copper demand.

Building a massive new copper mine requires billions in capex and takes 10-20 years from discovery to production.

And it’s not easy to get going. Social license is hard to get. The permitting process is onerous.

Supply is inelastic. Demand is expanding. That’s the kind of setup I like.

Dave doesn’t see copper going back below $4.50 to $5 a pound. But he could easily see it going to $8 to $9.

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How I’m Playing This Through Dave’s Company

Look, you can chase individual mining companies if you want. Freeport, Southern Copper, Lundin Mining.

But Dave’s got me convinced there’s a better approach.

His company, Elemental Royalties, is trading at 0.9 times net asset value right now. He told me mid-tier royalty companies typically trade between 1.3 to 2.0 times NAV. That’s a 50% upside just to get to where it should be trading, before you factor in that its NAV keeps growing as metal prices rise and new discoveries get made on its properties.

When copper and gold prices filter through the analyst models – and Dave says most are still using $3,500 gold and $3 copper in their calculations – those NAVs are going to jump significantly.

Plus, the company just went through a merger and got listed on the Nasdaq. Dave explained that size matters in the royalty space. The big guys like Franco Nevada and Royal Gold trade at 2-3times NAV because of liquidity and portfolio effects. Now Elemental has that liquidity, and it might get added to index funds.

That’s 10% of outstanding shares that’ll eventually be held by index funds. Self-fulfilling prophecy.

Last time Dave was on our stream, he said the same thing about his company being undervalued. The stock doubled. Of course, there were extenuating circumstances, but the guy knows his business.

YOUR ACTION PLAN

While retail was chasing silver memes, institutional money was positioning for the real metals supercycle. Central banks buying gold by the ton. Tether buying gold by the ton. China stockpiling copper.

The smart money isn’t chasing price spikes. They’re accumulating physical assets for the long haul.

Dave’s range for gold over the next year? $4,500 to $6,500. Copper could easily hit $8 to $9 per pound as supply constraints bite and demand keeps growing.

But I’m not trying to time the tops and bottoms. I’m positioning for the structural shift toward hard assets while the crowd is still distracted by whatever’s trending on social media.

Silver back to $115? It’s possible.

But my play is on the metals where supply constraints are MORE acute… and institutional buying is happening RIGHT NOW.

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