Nobody seems to know what’s really going on. From more tariffs to less tariffs to much more tariffs to now, possibly, less tariffs again. Suddenly, a US-China trade thaw, if Thursday’s Trump–Xi summit delivers, is being floated as the next market catalyst. And just like that, global growth hopes are back in play.

For months, sentiment has swung like a pendulum every time Trump threw a tariff tantrum, yet smart money hasn’t waited for clarity. It has moved in and out of safe havens with ruthless precision, pushing gold to dizzying highs and now leaving leveraged, unhedged gold bulls out to dry just as brutally.

Gold’s sharp pullback this week speaks volumes. Overextended long positions, driven by FOMO and fuelled by geopolitical risk, have begun to unwind in a market suddenly sniffing optimism. The trade narrative is shifting. And in the fog of macro indecision, if traders are looking for a signal, perhaps Dr Copper has the answer.

Copper earned its honorary doctorate in macroeconomics because of its unique position in global industry. It’s everywhere – from power lines and data cables to EVs, wind turbines, and semiconductor cooling systems. When copper prices rise, it usually implies that real economic activity – construction, manufacturing,........

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