Grade? Sure. But 20-year mine builds meet two-week global inventories. One geopolitical sneeze and lights go dark. BHP buys copper. Frank Giustra buys copper. Goldman trims targets—irrelevant.

The physical market is a toilet-paper hoarding panic. Moly? A defense darling. But watch the real risk: jurisdictional roulette, presidential elections, and majors too gutless to dig. The next bull is generational—if you survive the permitting purgatory. Otherwise, it's just another speculative tombstone.

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