Forget AI: Much Bigger Investment Cycle Already Underway | Nikolaos Cacos

Nikolaos Cacos · GRG Resources

Gold's 2026 surge reflects war-driven risk and fear, and US debt makes bonds less attractive as a haven.

The war that started in Iran pushed oil prices up and created risk around the world. When risk rises, money flies to safety. Normally that means bonds, but US bonds have become much riskier because of the high debt the US has been taking on. That has made gold an emerging, reasonable alternative for storing and safeguarding wealth.

“Risk and fear. ... money flies to safety. They go to bonds, but bonds in [the] US, though, have become a lot riskier as of late because of the high debt that [the] US has been picking up.”at 5:24

Nikolaos Cacos · GRG Resources

Central bank gold buying will keep sustaining gold prices and keep driving them higher.

Central banks around the world are buying gold, and this is keeping prices elevated. That buying is what he expects to continue sustaining and driving the gold price higher. Global uncertainty also creates demand for gold as a store of value. He gave no price target or timeline.

“Well, gold is gonna continue to go up. It's the demand for gold. Like I said, the central bank buying around the world is really what's gonna be continuing to sustain the price of gold and continue to drive it up.”at 7:02

Nikolaos Cacos · GRG Resources

Copper tracks economic growth, so its price rises as economies expand and need materials.

He agrees copper works as a proxy for the economy and for the stock market. As an economy grows, copper's price rises because growth requires building, and copper is one of the most primary construction materials. He says this relationship still holds in 2026 and beyond.

“Copper, in that it really is a proxy in terms of an economy. As an economy is growing, price of copper is growing because ... in a growing economy requires materials in which to build, and copper is one of the most primary materials.”at 7:58

Nikolaos Cacos · GRG Resources

Chile leads copper production because of its geology and a strongly pro-mining government.

Chile's dominance in copper comes first from its geology, which sets the tone. The government is one of the most pro-mining in South America and has been very supportive of copper exploration and production, creating a good regulatory environment. A mining culture with accessible geologists and experienced people also makes operating there fluid and simple.

“I think it's the geology itself, and then that sets the tone initially. And then the government... Chile is probably one of the most prime... pro mining governments in South America. So they've been very supportive of all the mining, especially of the copper.”at 11:47

Nikolaos Cacos · GRG Resources

AI data center buildout is adding to demand for copper and other mined materials.

Data center construction requires large amounts of raw materials, including copper, which must be mined. AI has been a big driver of demand for materials. He presents it as one component of broader economic growth and build-out rather than the sole driver of the commodity cycle.

“AI has been a big driver for a lot of demand, for a lot of materials, because they build all these data centers and to build these, need stuff, stuff that you mine, copper and all that kind of thing.”at 1:45

Nikolaos Cacos · GRG Resources

Commodity prices are in a multi-year upcycle, early in a larger super cycle, driven by growing economies.

Commodity prices have been rising for quite some time and the cycle is continuing. AI adds another layer on top of it, but the broader driver is growing economies. China is a different economy than it was twenty years ago, and India is starting to grow. As economies grow they build things, and building requires materials. Prices stalled recently, but he has been in the business nearly thirty-five years and has never seen commodity prices this elevated and sustained this long. He foresees the cycle continuing for quite some time.

“I've been in this business for nearly thirty five years, and I've never seen prices elevated to these levels and sustained like this for this long.”at 2:38

Nikolaos Cacos · GRG Resources

South America, especially Argentina, is underinvested and offers cheaper mineral discovery potential than North America.

South America, especially Argentina, has been very underinvested and has a tremendous amount of potential for new gold, copper and other mineral discoveries. His company has focused there for about thirty years and has made many discoveries. The opportunities are relatively cost-effective, cheaper and more abundant than in North America.

“South America, and especially countries like Argentina, [have] been very, very underinvested, and they have a tremendous amount of potential, for new discoveries, for gold, copper, and other minerals.”at 9:17