Starting with a record high in gold price last August, precious as well as industrial metals have all hit 52-week peaks over the past one year. Gold was joined by silver, palladium and then copper in the rally, which caught many investors by surprise. Gold has since seen a correction, with Comex (CME) spot gold easing by $230, or 11 per cent, from its all-time peak of $2,073 an ounce hit in August, 2020. Copper hit its peak of $4.89 per pound earlier this month ($10,440 a tonne on LME), but has since come off 5 per cent. Copper is the third most consumed metal after steel and aluminium, and is widely used in a range of industries including construction, power transmission and electronics.