Commodities Quarterly Outlook: Gold, Silver, Oil and Copper

Q3 2025 commodities outlook — where the opportunities lie across the complex: **Gold (XAUUSD):** Base case: ATH breakout above $2,431 toward $2,500+ in Q3 driven by expected Fed pivot and continued central bank buying. Target range: $2,450–$2,520 by September. **Silver (XAGUSD):** Outperformance play in the second half of 2025. Industrial demand (solar, EVs) + monetary tailwinds as gold breaks out. Target: $32–$35. **WTI Crude Oil:** Consolidation expected between $70–$85/barrel. OPEC+ cuts providing a floor; global demand uncertainty capping the upside. **Copper:** The long-term EV and green energy story remains intact. Near-term China demand uncertainty is the headwind. $4.50–$5.50/lb range. Breakout above $5.00 = strong green energy demand signal. **Overall commodity view:** Biased toward precious metals outperforming energy in Q3. The USD path is the key variable. Which commodity are you most focused on for Q3 and why?