Copper: now a precious metal
We usually think of gold and silver, and sometimes platinum and palladium, as precious metals. But increasingly, copper is a precious metal too.

We usually think of gold and silver, and sometimes platinum and palladium, as precious metals: they are rare, or seen as alternative currencies, or both. But "increasingly, copper is a precious metal" too, says Alan Livsey in the Financial Times.
Copper is becoming scarce. The yield of copper from each unit of ore mined is dwindling. In 2010 the 15 top producers' reserves boasted an average yield of 1.2%. By the end of 2016, the figure had fallen to 0.72%. Miners are therefore scrabbling to locate new supplies.
On the demand side, the latest fillip stems from the car industry. The electric Tesla Model S requires three times more copper wiring than an internal combustion engine, says Frank Holmes of US Global Investors on BusinessInsider.
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More broadly, as the rapidly growing middle classes in emerging markets stock up on goods such as smartphones, cars, dishwashers and air conditioners, the world will need a lot more electricity and copper is one of the most conductive metals. The deficit in the copper market may not dissipate in a hurry.
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Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.
After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.
His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.
Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.
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