The silver price futures contract surged to a new record on Monday, while copper and gold also shined, though not as brightly. Tight supply and expectations for more Federal Reserve rate cuts, including under the next chairman expected to be appointed by President Donald Trump, are supportive of both precious and industrial metals.

Wheaton Precious Metals, Royal Gold, U.S. Gold, BHP Group and Anglo American are among mining stocks near buy points on Monday.

Trump tariffs also are contributing to the rise in the copper price to a four-month high, as markets position for confirmation that the administration will impose a tariff on refined copper amid a tight supply-demand balance.

Copper, Gold, Silver Price

The near-term copper futures contract rose 0.4% to $5.29 a pound. Copper soared to a record high of $5.96 in July on anticipation of a 50% tariff on refined copper imports, but tumbled to $4.35 on July 30, when the Trump administration surprised markets by limiting tariffs to semifinished products.

However, markets anticipate that the Trump administration will eventually extend tariffs to refined copper. BMO Research analyst Helen Amos noted on Nov. 27 that New York commodities exchange prices for May delivery are $560 a ton higher than London prices, "reflecting tariff speculation."

A shortfall in copper output due to mining setbacks at Freeport-McMoRan, Teck Resources and Ivanhoe Mines has contributed to tighter-than-expected supply. That's helped push the copper price higher, along with demand for electric power fueled by data centers for AI and growth in EV sales.

More electrical demand means more demand for copper, used extensively in wiring, dynamo windings, etc.

The silver price climbed 3.3% to $59.05 an ounce. Last week, silver blew past its prior record of $54.41 from Nov. 12. The gold price rose 0.4% to $4,272 an ounce.

Deutsche Bank said on Nov. 26 that it expected silver to rise to $58.50 per ounce by the fourth quarter of 2026 and average $60 in 2027. The firm raised its 2026 gold price forecast to $4,450 an ounce from $4,000, saying the price could rise as high as $4,950 during the year.

Deutsche Bank analyst Michael Hsueh highlighted ETF demand as a main reason that he expects a silver supply deficit to continue and a key source of support for the gold price. Some ETFs hold the precious metals in storage vaults.

Fed Outlook

Markets are pricing in 88% odds of a quarter-point rate cut at the Dec. 10 Fed meeting, according to CME Group's FedWatch tool. That would lower the Fed's key rate to a range of 3.5% to 3.75%, and markets see another two or three quarter-point moves in 2026.

The Fed is prioritizing support for a lackluster job market ahead of concern about still-elevated inflation. However, the picture could change as employment and inflation data delayed by the government shutdown starts flowing in after the Fed meeting.

Still, Wall Street anticipates that Trump's choice of a successor to Jerome Powell as chairman will be the dovish side. Trump has been vocal about his support for swift rate cuts and a lower dollar vs. foreign currencies. Trump has settled on a nominee, believed to be Kevin Hassett, White House National Economic Council director.

Copper, Silver, Gold Stocks To Watch

Copper giant Freeport-McMoRan narrowed its opening gain to 0.7% on Monday afternoon. FCX powered past its 10-week moving average last week, flashing an early entry opportunity, but is still only 6% above the key technical level.

Wheaton Precious Metals reversed an early opening price dip and gained 0.5%. Shares of the Vancouver-based streaming company jumped 3.1% to 110.05 on Friday, clearing a 108.68 buy point, according to MarketSurge pattern recognition on a weekly chart.

Royal Gold slipped 1.3% to 201.16, leaving it 4% below a 209.42 buy point from a cup base. RGLD is about 6% above its 50-day line after breaking above the key level last week.

Anglo American, which is buying Teck Resources to double down on its copper bet, popped 1.5% to 19.20 on Monday. The thinly-traded ADR and Teck shares are both flashing early entries. NGLOY has a flat-base buy point of 19.98.

BHP Group, a diversified miner with a major copper portfolio, climbed 0.9% to 55.23, right at its 50-day line, while trying to reclaim a 55.38 cup-with-handle buy point.

U.S. Gold moved clear of its 50-day line on Friday but edged 0.35% lower on Monday, leaving shares 5% above the key level. USAU stock has a 19.20 buy point from a cup base.

Be sure to read IBD's The Big Picture column after each trading day to get the latest on the prevailing stock market trend and what it means for your trading decisions.

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