PDAC 2026: Gold and Copper Are the Go-Tos as Investors Seek Tangible Assets Amid Ongoing Global Uncertainty – by Jane Switzer (Financial Post – March 5, 2026)

Key Takeaways

• Mining equities currently only 3% of global market
• Executives predict rise to 5‑10% as demand grows
• Gold and copper viewed as safe havens amid uncertainty
• Recycling cannot meet modern metal consumption needs
• Declining US dollar fuels shift to tangible assets

Summary

At PDAC 2026, mining executives warned that investors are rotating from growth‑focused assets to tangible value plays, spotlighting gold and copper. They cite a weakening U.S. dollar and persistent geopolitical uncertainty as catalysts for the shift. Mining equities, which once comprised 11 % of global equities in the 1950s‑60s, now sit at roughly 3 % but could climb to 5‑10 % as demand for metals rises. Executives stress that recycling cannot satisfy the burgeoning need for these essential commodities.

Pulse Analysis

The macro‑economic backdrop is driving a pronounced pivot toward hard assets. With the U.S. dollar losing purchasing power and geopolitical tensions lingering, investors are increasingly skeptical of fiat‑based growth narratives. This sentiment fuels a search for stores of value that can weather inflationary pressures, positioning gold and copper as the premier choices for portfolio diversification. The trend mirrors historical cycles where tangible commodities outperformed during periods of monetary uncertainty.

Demand for metals is accelerating beyond the capacity of existing recycling streams. Modern infrastructure, renewable energy technologies, and electric vehicle production require vast quantities of copper and other base metals, while gold remains a timeless hedge against currency volatility. Supply constraints are emerging as mines face stricter environmental regulations and declining ore grades, tightening the market further. Consequently, price premiums are expected to widen, reinforcing the appeal of mining stocks as a conduit to these scarce resources.

From an investment perspective, the under‑weighting of mining equities—now just 3 % of global market cap—presents a compelling entry point. Analysts project that the sector could capture up to 10 % of equities if the current demand trajectory persists, offering significant upside potential. Asset managers may recalibrate allocations, favoring companies with strong balance sheets and exposure to both gold and copper. This shift not only reshapes portfolio construction but also signals broader confidence in the long‑term relevance of the mining industry.