Alex Frangos

Trump has set this pattern over the last year and in his second term of coming out strong about something and then backing off when markets

get upset.

You know, we saw that obviously with tariffs and also with some of the Fed moves.

There's also going to be a lot of probably behind the scenes establishment Republicans.

You were going to say, come on, like the guy's leaving in May anyway.

Like, why are we doing this?

That was Journal Finance Editor Alex Frankos.

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.

People are riding these things higher and pushing them higher and higher.

People are trying to cash in on the frenzy and the prices.

They're taking in grandma's silver to the silver dealers and

At a market level where people trade these futures contracts, that's been going on as well.