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APRIL 2026 I I-CONNECT007 MAGAZINE 37 Scenario C: High-reliability connector board (hard gold) Price Changes: • Copper +10% • Gold +25% Net effect: ~+2.0–3.0% fab cost increase, driven by gold thickness specs The PCB industry already runs on slim profit margins. In our ENIG example above, a net margin of 11% ±3 % would be typical. Absorbing 2–5% on costs will, for some jobs, represent an unsustain- able drop in net margin. Understandably, PCB manufacturing can only absorb this for so long before changing their pric- ing tactics, such as adding copper surcharges tied perhaps to an exchange average like the London Metal Exchange, encouraging more affordable finishes when the board specifications allow, short- ening the window for honoring quotes on metal prices, or even separating the base board quote from the metals quote. What can we expect in the next 24 months? An article by Crux Investors takes a somewhat bear- ish stand on copper futures, citing Goldman Sachs when it makes the case that copper prices may drop. "In January 2026, Goldman Sachs published a revised outlook suggesting that copper could retrace toward $11,000 per tonne by December 2026, representing an 18% correction from recent highs. This is not framed as a bearish call on cop- per's long-term relevance, but rather as a nor- malization thesis following an extended period of sentiment-driven price appreciation. Margin sensi- tivity and balance-sheet strength are likely to reas- sert their importance as the macro tide recedes." The mixed messages from analysts about cop- per futures mirror overall market volatility. What we know for sure is that copper demand is strong enough—and the inventory tight enough—that volatility may well continue through 2027, with wide oscillations, as market dynamics show no sign of easing. I-CONNECT007 Resources 1. "Why Is Silver Falling with Gold? Silver Price Crashes 3rd Hardest in 6 Years," Finance Mag- nates, Feb. 13, 2026. 2. "Gold Rises Over 2% as Soft Inflation Data Rekin- dles Fed Rate-Cut Hopes," Reuters, Feb. 12, 2026. 3. "What Happened to Gold, Silver, Platinum and Copper Today? Why Are Precious Metal Prices Crashing Sharply Today—Is This the End of the Bull Run for Metals?" Economic Times, February 11, 2026. 4. "Precious Metals Price Update: Gold, Silver, PGMs Face Another Bumpy Week." Reuters, Feb. 18, 2026. 5. "How Can 5 Strategies Maximize Printed Circuit Board Profitability?" Startup Financial Projection, Oct. 28, 2025. 6. "Copper's Price Ceiling Comes Into Focus as Speculative Capital May Unwind." Crux Investor, Jan. 21, 2026.