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Otavio (Tavi) Costa, who is a portfolio manager at Crescat Capital, described the current situation with precious metals as having seen a major run-up followed by a healthy correction, now resting near major support levels.
Costa suggested that long-term investors will know how to interpret this scenario.
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Costa has previously identified silver's price lag as a notable divergence in the market, with copper showing stronger performance in comparison in his recent commentary. In a separate analysis, he wrote that the commodity cycle was supporting Brazilian stocks ahead of national elections, noting that political events accelerated this trend in the sector earlier this year. These observations provide context for his current views on precious metals and broader commodity markets.