Why a small amount of trader activity is making the copper price soar

There are roughly 2 ounces of silver and more than 100 kg of copper in an electric vehicle like Tesla, said Gianni Kovacevic, CEO of CopperBank. 

Kovacevic said that it is unlikely automobile manufacturers have been trying to suppress the prices of silver and copper. 

“As for electric vehicle manufacturers having some sort of a cabal to suppress the price of silver, I don’t buy into that. It’s a commodity, it does have some monetary features, which is unique to itself, but there’s going to be a lot of demand for silver,” he said, adding that silver is going to be more scarce. “I would say that you’re not going to be betting against it.”