The U.S. decision to add copper and silver to the federal critical minerals list is a significant development, which is expected to contribute to the coming “renaissance” in the mining sector and dramatic price gains for precious metals, according to Rob McEwen, Chairman and Chief Owner of McEwen Inc.

The inclusion of copper and silver signifies that Washington now deems these metals essential for national security, industrial capacity, and economic resilience. This move is a direct acknowledgment of America's vulnerable supply chains and the severe consequences of disruption to the economy.

McEwen, a widely respected figure who transformed GoldCorp into a global powerhouse and is a member of the Canadian Mining Hall of Fame, emphasized that the foundations of the modern economy, particularly electrification and AI, rely heavily on these metals. Copper and silver sit at the center of America's most important goals, including grid expansion, defense technology, and electric vehicles.

“It's very welcome and a recognition of the use of copper and silver in modern civilization,” McEwen told Michelle Makori, President & Editor-in-Chief of Miles Franklin Media.

U.S. Stockpiling Strategy

The move is expected to signal a push by Washington to build strategic reserves to ensure the nation is “not cut short.”

McEwen offered a tactical recommendation for how the U.S. government should execute this objective. He suggested the most effective and cost-efficient method to secure long-term supply is through corporate acquisition, rather than simply buying metal on the open market.

“If you want to build your strategic reserves, the most expedient way would be to buy a company with resources already defined and production rather than trying to go into the market and buy it,” McEwen pointed out. “Those companies still are quite inexpensive relative to trying to go into the market and buying the supply.”

He emphasized that acquiring companies provides “a long reserve life.”

This strategy appears aligned with recent actions, including the establishment of a $5 billion critical minerals fund and the U.S. government taking stakes in miners such as Lithium Americas, MP Materials, and Trilogy Metals.

Policy Shifts & Global Race

The decision is expected to trigger significant policy changes, primarily accelerating the lengthy permitting process required to bring a discovery into production.

McEwen Inc. (MUX) is a gold, silver, and copper producer with operations across the United States, Canada, Mexico, and Argentina. The company continues to expand its resource base through active exploration programs and provides investors with high leverage to rising metal prices through its blend of producing mines and growth-focused exploration assets.

McEwen highlighted that other nations are already ahead in prioritizing minerals as instruments of policy and power.

Saudi Arabia, for instance, has set a goal to make mining its third most important industry, offering deep incentives such as rapid permitting and tax rates close to zero. Argentina, where McEwen Inc. has a copper project, is also providing large incentives, equating to an $800 million improvement in net present value for their project.

This global competition reflects a recognition that the era of assuming open, frictionless access to essential metals is over, Makori and McEwen pointed out.

McEwen also noted a palpable shift, even among industrial consumers, citing Volkswagen’s hiring of geologists: “I went: ‘really a car company with geologists on staff?’ That is a shift”.

Central Banks Embrace Silver as Monetary Asset

Beyond industrial demand, silver is increasingly being discussed among central banks as a reserve asset, a trend McEwen confirms is taking hold.

The move toward stacking silver is gaining momentum alongside the unprecedented central bank accumulation of gold. McEwen pointed to several developments that highlight this shift: Russia has specifically earmarked funds for precious metals, including silver; Saudi Arabia built a major stake in the iShares silver trust (SLV); India has been accumulating silver; and China is acquiring the metal directly from Latin American miners.

When asked if he sees central banks adding silver to their balance sheets, McEwen responded, “Yes.” He added that while silver functions effectively as a monetary unit for exchange due to its lower unit value compared to gold, it also poses storage challenges.

He explained: “You need many more bars of gold or silver to equate to gold. But it is a monetary unit that makes it very easy то exchange.”

McEwen specified that white he does see silver being acquired by Central banks and sovereigns , gold remains the priority for Central Bank accumulation, a trend that he sees continuing and accelerating.

Investment & Price Forecasts

McEwen suggested that investors should consider making room for mining investments in their portfolios. He pointed out that commodities in general are at a “55 year low relative to financial assets.”

Currently, the global market capitalization of all mining equities stands at about 2%, down significantly from 11% to 12% in the 1960s. "There's quite a bit of room on the upside," he said.

For specific metal price forecasts, including silver and copper, watch the video above.

Gold: The Monetary Reset

The primary driver for hard assets remains the excessive debt levels and monetary stimulation globally. McEwen, who previously forecast gold reaching $5,000 in 2026, noted that the metal is on track to hit that target earlier than anticipated.

Looking ahead, McEwen offered a new five-year gold outlook: $7,500 an ounce. He noted that this forecast is underpinned by the aggressive accumulation of gold by central banks. In Q3 2025, central banks bought another 220 tonnes of gold, a jump of 28% from the second quarter, according to the World Gold Council.

The BRICS Plus nations, McEwen noted, have “an explicit purpose to try to dethrone the dollar as the reserve currency and they're doing that by backing their currency with gold.”

He warned that eventually the BRICS bloc will come out and say “we have this much gold for every unit of currency we have.”

U.S. Gold Revaluation

McEwen suggested that the U.S. government might preempt this shift by revaluing its own gold reserves. Currently, the approximately 8,000 tons of gold held at Fort Knox are marked at $42.22 per ounce.
The last significant official revaluation of gold in the U.S. was in 1973, when President Nixon adjusted the price from $38 to $42.22 per ounce

Revaluing the gold to current market prices could improve the US balance sheet.

When pressed on the likelihood of the Trump administration executing this move, McEwen stated: “It is very conceivable [Trump] would revalue the gold and he'd get it close to market as the new price.”

Opportunity & Caution

Offering final advice to investors, McEwen encouraged exposure to the commodity business, including metals, and grains, citing their current undervaluation.

He expressed high conviction in gold, recommending investors explore exposure through various risk profiles – from royalty companies to high-volatility junior explorers to holding physical gold .

McEwen concluded that gold’s key advantage, besides its store of value, is its liquidity. “There is a global market for gold and you can always sell it,” he noted, which is not always true for real estate or private investments.

Disclosure: Michelle Makori  is on a board of directors of McEwen Inc.