Alex Frangos

Warsh is very much the candidate that Wall Street and markets probably are most comfortable with.

He's a former Fed governor.

He has deep ties on Wall Street.

But in recent years, he's become more of a Trumpian economic thinker.

He's been very pro-rate cut during this process, something that will have been pleasing to Trump's ears.

But the question is, which Kevin Warsh will show up at the Fed?

Is it going to be the old Kevin Warsh, who was someone who wasn't afraid to go against the Fed consensus?

census or the one who more recently thinks the same tune as Trump in terms of pro tariffs and wanting rate cuts, even while others think there's still inflationary pressure in the economy and therefore you shouldn't.

So I think Trump has to worry a little bit that he puts the guy in and then he goes against him.

And that's been his big reservation.

But clearly he got comfortable with Warsh and that's the way it's going.

Copper's had an incredible year.

Part of that is the AI boom, which requires all these data centers, which require a lot of power, which requires a lot of copper, because copper wire is

so important to generating electricity and transmitting electricity.

You then have possibility of tariffs coming into effect on copper, which would raise the price of copper coming into the US.

And then in general, when interest rates are being cut, as the Fed is doing, that tends to boost metals prices because

Investors see metals as more attractive.

They're a bit of a hedge against inflation.

I mean, it really is the year of metals.

You look at gold and silver, both had spectacular records and just surging into the end of the year.