Copper futures set a record at $6.95 a pound on September 22, rising roughly 20% in 2026 and more than 46% over the past 12 months. Gold, by contrast, has gained just 0.02% over the same period after climbing above $5,600 an ounce in late January before a sharp retreat and gradual recovery. Copper’s advance has been supported by Michael Burry’s concentrated copper investment, shrinking exchange inventories and artificial-intelligence data-center demand. Shanghai copper cathode stocks fell to 43,900 tonnes, their lowest level since 2023, while London Metal Exchange stocks available to the market declined to 133,725 tonnes. New copper deposits can take roughly 18 years to reach production, compared with two to three years for AI data centers to add demand. A pending U.S. Commerce Department ruling on refined copper tariffs remains the next major catalyst. Gold retains its monetary advantage through central-bank reserves and an outstanding stock worth roughly $30 trillion, while copper’s rally has revived comparisons with Bitcoin, whose store-of-value case rests on a fixed 21 million-coin supply.