--- title: "Understanding Gold, Silver, and Copper: Pei Fengke Chen Dapeng Takes You to Understand New Pricing Opportunities for Resources Under the Reconstruction of Global Order" description: "On March 15th, former Zijin Mining investment manager Chen Dapeng will guide you through the new paradigm of global metal pricing" type: "news" locale: "en" url: "https://longbridge.com/en/news/276523437.md" published_at: "2026-02-22T00:19:19.000Z" --- # Understanding Gold, Silver, and Copper: Pei Fengke Chen Dapeng Takes You to Understand New Pricing Opportunities for Resources Under the Reconstruction of Global Order > On March 15th, former Zijin Mining investment manager Chen Dapeng will guide you through the new paradigm of global metal pricing In 2025, the global metal market delivered an astonishing report card under the resonance of "resource nationalism" 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**. 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 "mean reversion" in the liquidity winter. 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 "foundational cornerstones" 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 "safety cushion" for stable returns hidden?** Wall Street Journal invites Chen Dapeng, founder of KP Research and the operator of the public account "Pei Feng Ke," 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 "insider veteran" 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 "Pei Feng Ke," 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 "Xueqiu Carnival," 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 "most popular guests" in the audience feedback survey conducted after the event. **This course will deeply dissect the following five core modules:** - **Global resource pricing paradigm iteration, shifting from "efficiency" to "security"** — Under the reconstruction of the global order, how do resource products transition from overcapacity in peacetime to the "strategic redundancy" logic during competitive times? - **Qualitative change in precious metal pricing power** — How does gold transition from a "U.S. dollar credit tool" to a "sovereign credit defense line"? - **New paradigm of non-ferrous metal pricing** — Dissecting the supply hard constraints caused by traditional industrial output cycles and "resource nationalism." - **Pricing boundaries and valuation models** — Utilizing the "90% percentile cash cost line" to lock in price safety margins. - **Strategic opportunities in minor metals** — Grasping the investment allocation value of key metals. ## Course Highlights: 1. **Insider Perspective**: Industry veterans guide you through the illusory price signals, directly hitting the essence of physical trading in bulk commodities. 2. **Paradigm Reconstruction**: Dissecting the "strategic redundancy" 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. 3. **Hardcore Indicators**: Abandoning abstract narratives, establishing an industrial research indicator system to lock in the objective boundaries of asset volatility. ## Course Gains: 1. **Understanding the Market**: Systematically dissecting the underlying logic of the "surge" in non-ferrous and precious metal prices. 2. **Building a Framework**: Mastering the "macro Beta + geopolitical Alpha" analysis framework to accurately identify the metal allocation value driven by resource nationalism and AI strategic stockpiling. 3. **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 ## **Warm Reminder** This course includes an hour of interactive Q&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. ### Related Stocks - [HBM.US - Hudbay Minerals](https://longbridge.com/en/quote/HBM.US.md) - [600489.CN - ZHONGJIN GOLD](https://longbridge.com/en/quote/600489.CN.md) - [600362.CN - JCCL](https://longbridge.com/en/quote/600362.CN.md) - [02899.HK - ZIJIN MINING](https://longbridge.com/en/quote/02899.HK.md) - [SCCO.US - Southern Copper](https://longbridge.com/en/quote/SCCO.US.md) - [FCX.US - Freeport Mcmoran](https://longbridge.com/en/quote/FCX.US.md) - [GLD.US - SPDR Gold Shares](https://longbridge.com/en/quote/GLD.US.md) - [GLTR.US - Abrdn Precious Metals Basket ETF Trust](https://longbridge.com/en/quote/GLTR.US.md) - [GDXW.US - Roundhill Gold Miners Weeklypay ETF](https://longbridge.com/en/quote/GDXW.US.md) - [RING.US - iShares MSCI Global Gold Miners](https://longbridge.com/en/quote/RING.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 發展黃金市場為今年重頭戲 許正宇：逾十銀行加入港金結算公司理事會 | 香港財經事務及庫務局局長許正宇表示，發展黃金市場是今年的重點，已與上海黃金交易所籤署合作協議，成立港金結算公司，預計年內啟動運作。超過 10 家銀行已確認加入理事會，目標是開發香港的黃金中央清算系統。此外，香港新股市場活躍，但對新股質素的關 | [Link](https://longbridge.com/en/news/276291952.md) | | 加拿大的 Hudbay Minerals 第四季度收入超出預期，這得益於其在秘魯的業務表現 | 加拿大的 Hudbay Minerals 報告第四季度收入為 7.329 億美元，超出分析師預期的 7.2559 億美元，而調整後的每股收益為 0.22 美元，低於 0.40 美元的預估。該公司宣佈了首次股息增加，並預計到 2026 年合併 | [Link](https://longbridge.com/en/news/276435484.md) | | 由於金屬價格上漲，加拿大的 Fortuna 銀礦公司第四季度銷售額增長，超出了預期 | 加拿大的 Fortuna 銀礦公司報告稱，第四季度銷售額上升，超出分析師預期，調整後的淨收入因黃金價格上漲而增加。該公司在 Séguéla 的礦產儲量增加了 31%，並計劃在 2026 年第二季度進行工廠擴建研究。Fortuna 為 Dia | [Link](https://longbridge.com/en/news/276302007.md) | | 在樂觀的業績報告和 Casa Berardi 出售公告發布後，Hecla Mining 股價上漲 | Hecla Mining 的股票在盤前上漲了 5.6%，至 22.43 美元，此前公司發佈了強勁的第四季度報告，收入同比增長 83%，達到 4.4811 億美元，超出分析師預期。該公司還宣佈將其 Casa Berardi 金礦出售，預計可達 | [Link](https://longbridge.com/en/news/276217251.md) | | 金屬市場：銅價因逢低買入在清淡的交易中上漲 | 銅價在 2 月 18 日上漲約 1%，從一週低點反彈，投資者在低交易量的情況下進行逢低買入。倫敦金屬交易所基準銅價達到每公噸 12,755.50 美元。上海期貨交易所因春節假期關閉，導致交易活動減少。分析師指出，庫存上升和美國銅消費率下降可 | [Link](https://longbridge.com/en/news/276219950.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.