“Friday alone saw silver jump over 6%. I’m sticking my flag in the sand—$60 is coming this month,” McGuire said, calling December a “tear-away” month for precious metals.
Gold to stay positive, but silver outshines
Gold has underperformed compared to its “little brother,” McGuire noted, but still stands to gain from the shifting rate outlook. “Gold could add another $100–$200 this month as the rate-cut probability has jumped from 20% to nearly 90% in just 10 days,” he said, calling the setup “a perfect Santa Claus rally.”
Copper breaks records; industrial metals enter synchronized rally
Industrial metals are also flashing bullish signals. Copper crossed $11,000 per tonne on the LME, closing above the mark “with conviction,” McGuire said.
His targets:
- Copper: $11,500–$11,600 soon; $12,000 if momentum accelerates
- Tin: $40,000–$40,500
- Aluminium & Zinc: $3,200–$3,300
“December is shaping up to be a very good month for base metals—copper, tin, zinc, aluminium are all moving in lockstep,” he said.
Oil market set for a sharp pullback
While metals boom, McGuire expects crude oil to weaken sharply as supply concerns ease and macro conditions soften.
- WTI target: $55
- Brent target: Below $59
“I wouldn’t be surprised to see these levels by mid-February,” he said, adding that geopolitical uncertainty involving Venezuela adds further unpredictability to OPEC+ decisions.
Rate cuts, China trends, and global demand will shape Q1 2026
With the US rate cut decision due mid-December and China’s demand outlook still mixed, McGuire said markets are entering a volatile but opportunity-rich window.
“The acceleration we’re seeing across metals is tied to macro expectations. But for oil, it’s a time to stay short.”