Real Assets
Real Assets. Real Value.
A structured view of the commodity landscape — gold, copper, and the macro forces driving the next decade of returns.
Gold
The Ultimate Store of Value
Gold remains the most credible monetary asset in history. In an era of fiscal expansion, negative real rates, and geopolitical fragmentation, gold's structural bull case has never been stronger. Central banks are buying at record pace — and retail hasn't noticed yet.
$3,082 / oz
Current Price
+14.2%
YTD Performance
1,037 tonnes
Central Bank Demand (2024)
Copper
Powering the Energy Transition
Copper is the nervous system of the modern economy. Every EV requires 4x more copper than a combustion vehicle. Every solar farm, data center, and offshore wind turbine runs on copper. The supply response takes a decade. The demand curve is already here.
$6.42 / lb
Current Price
+8.6%
YTD Performance
+5.4 Mt/yr
EV Demand Forecast (2030)
Market Context
Macro Indicators
3.4%
Inflation (CPI YoY)
US CPI, Feb 2025
2.08%
Real 10Y Yield
TIPS-implied
103.5
Dollar Index (DXY)
USD vs basket
62 / 100
Sentiment Score
Institutional bullish
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