Sell copper, buy gold

David Llewellyn-Smith

Thursday 27 March 2025

Goldman has pumped copper and is now turning. A key signal that the top is near.

The US looks set to announce copper import tariffs in the coming weeks, according to apress report.

This would shorten the timeline for tariffs, which we were expecting between September and November.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.