As demand for strategic materials is set to more than double by 2040 and supply struggles to keep pace, emerging markets make copper and gold compelling opportunities. Key takeaways: Converging drivers, greater durability: Unlike past cycles built on a single catalyst, multiple long-term investment trends are reinforcing one another through shared infrastructure needs. Supply constraints are structural: Rising lead times, declining ore quality, and geopolitical concentration of processing make it difficult for supply to keep pace with demand. Copper and gold stand out: Copper faces a mounting supply deficit against well-diversified demand, while gold benefits from central bank reserve diversification and rising fiscal concerns.