BMO Capital Markets – Global Metals & Mining: Upgrading the Long Term, Sep 2025

The main theme of the report is long-term price forecasts for metals such as gold, copper, and iron ore.

Key findings include the need to revise commodity price forecasting methods, as old tools like incentive price curves and marginal costs do not work. The report forecasts long-term price increases for gold to $3,000 per ounce, copper to $10,500 per ton, and iron ore to $90 per ton. It emphasizes the importance of considering all costs, including capital expenditures, taxes, and interest, for more accurate forecasting of sustainable margin levels and cash flows. Gold stands out as a special asset due to its role as a monetary and safe asset.