In 2025, the global metal market delivered an astonishing report card under the resonance of &#34;resource nationalism&#34; and strong expectations: silver rose 154% for the year, gold increased by 67.4%, and even the copper price, which performed slightly worse, recorded a rise of 41.7%—however, prices are never just a product of supply and demand, but also the residual warmth of order.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6e0e13a4-2e0c-4ea7-b8c7-8a7d7ace30b6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6e0e13a4-2e0c-4ea7-b8c7-8a7d7ace30b6.png"/>
However, high returns often mean high risks. On January 30, 2026, with the nomination of Kevin Warsh as the new Federal Reserve Chairman, the sharp contraction of liquidity expectations poured cold water on the hot market. Within just two working days, silver prices plummeted by 30%, and the market revisited the cruelty of &#34;mean reversion&#34; in the liquidity winter.
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But volatility itself is a pricing process. Against the backdrop of the current global order reconstruction, the territory of great power competition has extended from cutting-edge technologies like AI chips to the &#34;foundational cornerstones&#34; that support these technologies—key metal assets. In the future, the metal market will no longer just fluctuate with inflation, but may welcome a more dramatic premium market under the catalysis of global order reconstruction.
In this era of increasing market volatility, where both risks and opportunities are magnified, how should ordinary people anchor their coordinates? Where is the &#34;safety cushion&#34; for stable returns hidden?
Wall Street Journal invites Chen Dapeng, founder of KP Research and the operator of the public account &#34;Pei Feng Ke,&#34; to launch a new master class— “Understanding Gold, Silver, and Copper: A New Paradigm for Global Metal Pricing”. We will guide you through the geopolitical noise to reconstruct the asset pricing dashboard for gold, silver, and copper.

In the world of commodities, the most critical research does not come from models, but from a profound understanding of industrial texture.
During his time at ZIJIN MINING, Chen Dapeng was deeply involved in investment mergers and acquisitions and industrial practices in the primary market of mining. This arduous journey deep into the industrial chain has endowed him with the rare ability to penetrate illusory price signals and strike at the essence of physical asset transactions.
His research career at Western Securities/Guoyuan Securities completed his financial map—helping him to unravel complex macro narratives and translate them into trading signals that pulse on the market
As an &#34;insider veteran&#34; who spans both primary and secondary markets and has fully traversed the industrial cycle, he will lead everyone to cut through market noise and gain insights into the underlying operational logic of this round of market trends, accurately anchoring asset coordinates amidst the turbulent global changes.
In 2025, Chen Dapeng continued to publish a series of in-depth analyses on global commodity market trends on his WeChat public account &#34;Pei Feng Ke,&#34; which not only won widespread recognition from readers but also began to attract increasing attention from financial information platforms and investment institutions.
At the end of 2025, Chen Dapeng was invited to participate in the &#34;Xueqiu Carnival,&#34; sharing the stage with industry heavyweights such as Cheng Shi, Chief Economist of ICBC International, Liu Gang, Chief Overseas and Hong Kong Stock Strategy Analyst of CICC, and Dan Bin, Chairman of Dongfang Hongwan, to express his views.
After participating in the commodity-themed roundtable dialogue at the Alpha Summit of Wall Street Insights in 2025, Chen Dapeng was also rated as one of the &#34;most popular guests&#34; in the audience feedback survey conducted after the event.
This course will deeply dissect the following five core modules:
<ul>
<li>Global resource pricing paradigm iteration, shifting from &#34;efficiency&#34; to &#34;security&#34; — Under the reconstruction of the global order, how do resource products transition from overcapacity in peacetime to the &#34;strategic redundancy&#34; logic during competitive times?</li>
<li>Qualitative change in precious metal pricing power — How does gold transition from a &#34;U.S. dollar credit tool&#34; to a &#34;sovereign credit defense line&#34;?</li>
<li>New paradigm of non-ferrous metal pricing — Dissecting the supply hard constraints caused by traditional industrial output cycles and &#34;resource nationalism.&#34;</li>
<li>Pricing boundaries and valuation models — Utilizing the &#34;90% percentile cash cost line&#34; to lock in price safety margins.</li>
<li>Strategic opportunities in minor metals — Grasping the investment allocation value of key metals.</li>
</ul>

<h2>Course Highlights:</h2>
<ol>
<li>Insider Perspective: Industry veterans guide you through the illusory price signals, directly hitting the essence of physical trading in bulk commodities.</li>
<li>Paradigm Reconstruction: Dissecting the &#34;strategic redundancy&#34; logic under the reconstruction of the global order, revealing the shift in pricing paradigms from efficiency-first in peacetime to security premium in competitive times.</li>
<li>Hardcore Indicators: Abandoning abstract narratives, establishing an industrial research indicator system to lock in the objective boundaries of asset volatility.</li>
</ol>
<h2>Course Gains:</h2>
<ol>
<li>Understanding the Market: Systematically dissecting the underlying logic of the &#34;surge&#34; in non-ferrous and precious metal prices.</li>
<li>Building a Framework: Mastering the &#34;macro Beta + geopolitical Alpha&#34; analysis framework to accurately identify the metal allocation value driven by resource nationalism and AI strategic stockpiling.</li>
<li>Practical Trading Sense: Constructing a trading dashboard to respond to the changes in 2026, utilizing cross-market price differences and curve shapes to capture price anchor points, locking in a safety cushion for stable returns amidst turbulence</li>
</ol>
<h2>Warm Reminder</h2>
This course includes an hour of interactive Q&amp;A, where students can discuss their most pressing questions with Teacher Chen Dapeng and receive face-to-face answers. Friends interested in this course can click the image above to register. If you would like to know more details about the course, feel free to scan the image below to consult the course assistant.

600489

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On March 15th, former Zijin Mining investment manager Chen Dapeng will guide you through the new paradigm of global metal pricing

- The global metal market achieved significant gains in 2025, with silver rising 154% and gold 67.4%, despite a rapid decline in prices following the nomination of Kevin Warsh as Fed Chairman.  
- As liquidity expectations contracted, metal prices faced volatility, indicating a shift in the market dynamics influenced by resource nationalism and geopolitical tensions.  
- A new course led by Chen Dapeng aims to dissect metal pricing strategies under these evolving conditions, empowering participants with insights into market logic and investment strategies amid the changing landscape.

Wallstreetcn

Hudbay Minerals

ZHONGJIN GOLD

JCCL

ZIJIN MINING

Southern Copper

Freeport Mcmoran

SPDR Gold Shares

Abrdn Precious Metals Basket ETF Trust

Roundhill Gold Miners Weeklypay ETF

iShares MSCI Global Gold Miners

United States Copper Index

Sprott GLD Miners Etf

Global X Copper Miners

Sprott Copper Miners ETF

iShares MSCI Global Silver Miners

Sprott Active Gold & Silver Miners ETF

Us Gbl GLD & Met

Understanding Gold, Silver, and Copper: Pei Fengke Chen Dapeng Takes You to Understand New Pricing Opportunities for Resources Under the Reconstruction of Global Order