Verified Investing's Elizabeth Copeland asked me for my current outlook on monetary metals and other key critical minerals. Happily, she framed it in the context of the global commodity super-cycle, rather than asking for my military expertise on the Strait of Hormuz standoff. Great questions, and I tried to give useful answers.

Timestamps:

00:00 – Introduction: The search for yield in uncertain markets.
01:18 – State of the Commodity Super Cycle: Gold, Silver, and Copper trends.
03:28 – Resource Independence: Lessons from Russia-Ukraine and the Middle East.
05:13 – Risks to the Bull Case: Potential for global economic downturns.
06:46 – Inflationary Pressures: "Money printer going burr" and fiscal dominance.
08:29 – Oil Market Volatility: Geopolitical impacts on energy prices.
10:53 – Fiscal Dominance and Global Liquidity: Why the "dip" keeps getting bought.
13:37 – Buying the Dip in Oil: Potential entry points at $60/barrel.
15:33 – Strategic Petroleum Reserve (SPR): Demand response after conflict.
18:31 – Are Mining Stocks Truly Cheap? Evaluating structural vs. nominal value.
22:23 – Geology vs. Politics: Rare earths and critical minerals as geopolitical chips.
27:04 – Investment Philosophy: Sticking to supply/demand fundamentals over FOMO.
27:48 – The Case for Copper: Why supply cannot keep up with modern demand.
29:40 – Permitting Challenges: Why "Dr. Copper" faces massive supply moats.
32:01 – The EV and AI Tailwind: Foundational metals for future tech.
34:22 – Portfolio Strategy: Taking profits and building a "war chest" for the next dip.