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What podcasters are saying about Commodities (broad)
Summary
In the past 30 days, 19 speakers on 12 finance podcasts discussed Commodities (broad) in 22 views. Chorus has followed Commodities (broad) since October 6, 2026.
Who talks about it most
- Mark Rzepczynski · 2
- Quinn Thompson · 2
- Jan van Eck · 2
- Jeffrey Gundlach · 1
- David Schassler · 1
- Tyler Rosenlicht · 1
- Brett Rentmeester · 1
- Lyn Alden · 1
- Larry McDonald · 1
- Ella Gude · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Jeffrey Gundlach · DoubleLine Capital
Commodities are in a bull market; he holds 15% in broad commodities and 5% in gold.
The Bloomberg Commodity Index is well above its 200-day moving average and trending up. DoubleLine's rules-based commodity strategy ETF (DCMT) is up about 48% year to date, driven by energy. Gundlach keeps 20% of the portfolio in commodities, 15% in the broad index and 5% in gold, and sees commodity strength as a key inflation signal.
“So commodity prices are well above... The Bloomberg Commodity Index is well above its two hundred day moving average and in a rising trend.”at 7:38
David Schassler · VanEck
Scarce physical assets are the ultimate bottleneck, so commodities should benefit as AI drives growth.
His bottleneck framework says scarcity preventing growth is now in physical assets, which are the building blocks of growth. AI needs physical assets for its build-out, and the productivity gains it promises would raise growth and living standards, adding to demand. He wants exposure across the whole commodity complex, from copper, metals and energy to rails, MLPs and the data centers built from them.
“And scarcity are now physical assets. Physical assets are the building blocks of growth. They they are the ultimate bottleneck.”at 26:35
Tyler Rosenlicht · Cohen & Steers
Global energy demand will keep rising; the world needs more of every energy form, not less.
Long-term energy demand is a three-factor model: population, economic growth, and energy intensity. Three or four years ago the team assumed energy efficiency would keep improving, but it has become the least comfortable of the three assumptions because of data centers, AI, electrification and reindustrialization. The team has upgraded its intensity forecast, so it now sees an 'energy addition world' where demand rises at least 1% a year from 2025 to 2050. Developed-world consumption of about seven units per person is expected to fall toward six, while the developing world's three billion people, at one unit per person, are expected to rise toward two. Alternatives will gain share, but the world needs to produce more of every form of energy.
“But when you put all three of them together, you saw, hey. The demand for energy was gonna rise a lot, at least 1% a year each year from 2025 to 2050.”at 2:21
UBS On-Air: Talking Markets (Powering the AI revolution) with Tyler Rosenlicht (Cohen & Steers) ·
Brett Rentmeester · WindRock Wealth Management
Hard assets should play a role in a rising-rate environment with a more difficult outlook.
He uses the 1970s rising-rate period as a template: real returns on bonds and stocks were weak while oil, farmland, gold and silver did well. He applies that to today's environment of high debt and rising rates, and concludes that hard assets should be part of a portfolio. He frames this as one part of a barbell, alongside innovation and growth equity, and not an all-in move.
“I think in general, in rising rate environment with a more difficult outlook, I think hard assets play a role.”at 18:29
Lyn Alden · Lyn Alden Investment Strategy
AI is a marginal commodity demand driver; defense spending matters more, while China's oversupply weighs.
Alden says AI is still a very small share of global commodity consumption. Unlike 2010s internet companies, AI compute has large physical costs, such as power and compute materials, so it adds demand at the margin. Defense spending adds commodity demand, with Europe spending more and a proposed US defense budget of $1.5 trillion. China's slowdown, peak demographics and oversupply of buildings and manufacturing capacity are among the biggest weights on commodities. Macro commodity arguments must weigh these competing drivers.
“In terms of just global commodity consumption, AI is still a very small share.”at 17:56
Wealthion: The Treasury’s Gold Revaluation Play | Lyn Alden ·
Larry McDonald · The Bear Traps Report
Hard assets are the place to be; AI buildout is inflationary and global wealth is rebalancing toward commodities.
Larry says the first stage of AI is inflationary: Caterpillar stock is up about 300% in roughly a year and a half because data centers need construction equipment, copper and grid rebuilds. Even if the AI buildout slows, global wealth rebalancing should support hard assets: the Nasdaq 100 holds about $43 trillion of wealth versus under $1 trillion in the XME metals ETF, and US household commodity exposure fell from about 4% in 1981 to about 1%.
“So the first stage of AI is very inflationary because... stock is up 300% in, like, a year and a half. ... And so hard assets are the place to be. ... even if there's an AI slowdown, it's that rebalancing of the wealth globally that will support these stocks.”at 42:56
Wealthion: Larry McDonald: S&P 500 Could Crash 30% Over the Next Year ·
Nate Thooft · Manulife Investment Management
The broader commodity cycle is in its early innings, with multiple years of potential upside.
Geopolitical concerns and fragmentation are higher than ever and are not unique to Iran. Even if energy pricing is lofty because of Iran, Manulife believes energy and the wider commodity cycle have multiple years of potential, both from potentially higher commodity prices and from long-term gains for the companies in that area.
“So our general view is we are in the early innings of a broader commodity cycle. And so I think even though there's gonna be maybe some loftiness pricing right now because of the specifics of Iran, we think that energy and the commodity cycle have multiple years of potential positivity.”at 17:00
Bloomberg Surveillance: Market Uncertainty Ahead of the Midterms ·
Ella Gude · BNY Advisors
Real assets and natural resources are attractive as a hedge against sticky inflation.
Real assets have been very attractive over the last couple of years as a component of an allocation. Inflation has been higher and stickier, particularly over the last five years, which keeps real assets an important part of the portfolio. Natural resources have been an area BNY likes to own.
“clearly the real assets have been very attractive over the last couple of years to have as a component of your investment allocation. Also because we've been seeing higher and stickier inflation overall, particularly over the last five years.”at 29:59
Bloomberg Surveillance: Market Uncertainty Ahead of the Midterms ·
Mark Rzepczynski · AMPHI Research and Trading
Commodities may be entering another super cycle, driven by underinvestment and a grind higher in prices.
Commodity super cycles have recurred since the 1980s and are treated as major dislocations rather than crises. Mark argues another may be starting because periods of underinvestment in commodity markets mean less capital expenditure. That shortfall should produce a grind of higher prices across several markets until a reversal, as happened around 2007-2008 at the end of the last super cycle.
“we may be in another super cycle again because what we'll find out is that there are periods where there's underinvestment in commodities markets, so there's less capital expenditures than there's gonna be, you know, a grind of prices moving higher across a number of different markets”at 36:14
Top Traders Unplugged: SI423: Why Trend Following Might Outlast the AI Arms Race ft. Mark Rzepczynski ·
Mark Rzepczynski · AMPHI Research and Trading
Low inventories, not production, drive commodity spikes; a cold Europe winter risks a stock-out squeeze.
Mark argues that in commodities, the key risk is inventory levels rather than output. A stock-out is the danger: a producer with no inputs pays any price to avoid shutting down. Europe's winter inventories are below expectations and have been low for five years. A cold winter could therefore cause a stock-out. Hoarding then amplifies the move, pushing prices parabolic. Markets with few close substitutes, such as diesel for diesel trucks, are most prone to these nonlinear spikes.
“the real problem in commodities is not what is produced, but it's what the inventories look like at any given time... If you have a real cold Europe winter, you're gonna have a stock [out] problem.”at 58:03
Top Traders Unplugged: SI423: Why Trend Following Might Outlast the AI Arms Race ft. Mark Rzepczynski ·
Quinn Thompson · Lekker Capital
Commodity boom-bust cycles are usually triggered by geopolitics, with demand outrunning supply fixes.
Quinn looks at historical cycles and says commodity boom-bust periods usually have geopolitics at their centre. A conflict or catalyst sets off a chain of events that nobody foresaw months earlier. When he breaks the situation down, he finds there is far more demand than supply fixes can address. He frames the current oil market as one example of this pattern, and says history rhymes.
“boom bust commodity cycles, where usually there's geopolitics at the center of it, there's conflict, there's some catalyst that triggers this chain of events that no one could have foreseen”at 42:55
Forward Guidance: The Only Way Out Is Through | Weekly Roundup ·
Jan van Eck · VanEck
Advisors are far underweight real assets versus 10-20 years ago, despite attractive trailing returns.
Jan cites a Van Eck study showing the financial advisor industry is far underweight real assets compared with ten or twenty years ago. He attributes it partly to passive investing, since energy's share of the S&P shrank as tech grew, and partly to no fresh money going into real assets and a generation of investors ignoring their returns. He says trailing three- and five-year returns are attractive, and Van Eck's real assets allocation is not gold-only.
“...financial advisor industry, generally speaking... is way underweight real assets relative to where they were ten or twenty years ago.”at 1:07:40
Thoughtful Money: The Big Squeeze: High Bond Yields Now Becoming A Problem For Stocks | Jan van Eck ·
Jan van Eck · VanEck
VanEck is structurally overweight real assets to smooth portfolio performance across economic cycles.
Real assets are a structural overweight at VanEck. The stated reason is that they smooth out a portfolio's performance ride across different economic cycles. Jan treats this as a durable portfolio-construction edge, not a short-term tactical trade.
“We are structurally overweight real assets because we think it smooths out your performance ride in your portfolio during different economic cycles.”at 1:19:19
Thoughtful Money: The Big Squeeze: High Bond Yields Now Becoming A Problem For Stocks | Jan van Eck ·
Rodney Stevens · NSJ Antimony Corp.
Mining capex and opex have roughly doubled, sometimes tripled, versus the last commodity bull market.
Stevens says that in the 2001–2008 commodity bull market, metal prices and mining costs both rose. In the current cycle, capital and operating costs for mines have roughly doubled, and in some cases tripled. He uses this to explain why new supply is slow to arrive and why the industry learned the lesson of not hedging metal output at historically low prices. Hedging at low prices meant rising costs overtook resale prices for one multi-metal producer that went bankrupt.
“That was the surprise, because in the last bull market from 2001 to 2008 or 'ten, 'eleven, technically, not only did the metals prices go up, but the costs went up as well. So now we're in a world where the CapEx and OpEx have doubled, and in some instances tripled.”at 38:43
The David Lin Report: China's Nov. 27 Deadline: America's Next Supply Shock? | Rodney Stevens ·
Paisley Nardini · Tema ETFs
Real assets like energy, commodities and infrastructure are woefully under-owned and tethered to inflation.
Nardini says real assets (energy, commodities, infrastructure, inflation-linked holdings) are woefully under-owned. Her years advising advisors show portfolios containing only stocks, bonds and perhaps 5% gold. Despite four or five years of inflation, advisors have not adopted a meaningful inflation hedge. Commodities are a natural extension of her firm's thematic infrastructure work, since data centers need commodity inputs, and new commodity exposure products are coming within weeks.
“I think as an investor, having real asset exposure, exposure to energy, commodities, infrastructure, things that are inflation tethered are woefully under owned in most portfolios.”at 42:34
Excess Returns: The S&P 500 Is Only 50 Stocks. 70% of the Index Is in a Correction. Did the Sell-Off Already Happen? ·
Neil Howe · Hedgeye Risk Management
Commodity futures and precious metals beat government bonds over time, especially when inflation threatens.
Howe's fund avoids fixed income, is occasionally short bonds, and holds commodity futures and precious metals to offset its equity exposure and protect against inflation. He cites commodity futures' 'brilliant record over the past century and a half', saying they outperform government bonds, and that they do particularly well when inflation is threatening.
“We are in commodity futures and precious metals, particularly commodity futures have a brilliant record over the past century and a half. They actually do better than bonds, than government bonds and they particularly do better at a time when inflation is threatening.”at 1:24:51
Thoughtful Money: Surviving The Fourth Turning | Neil Howe ·
Quinn Thompson · Lekker Capital
Fixed-supply power, energy and raw materials, plus debasement hedges, are the cleanest backstop beneficiaries.
Government backstops support AI assets because financing supply exceeds natural demand, but buying AI names before a rescue is not attractive. The better places are assets with fixed supply, such as power, energy and raw materials that companies need to build, since government money printing would lift their prices. Debasement protection is probably the cleanest trade, though nothing is fully safe because the AI-related names would be rerated lower first and everything could fall together.
“the cleanest would probably maybe also be then the debasement. Debasement protection.”at 35:50
Forward Guidance: The Bond Market Is Pricing In Something Worse Than Inflation | Weekly Roundup ·
Ben Inker · GMO
Resource stocks are a long-run diversifier; GMO has liked them for a long time.
GMO has liked energy stocks, and more broadly resource stocks, for quite a while because they diversify a portfolio. Most stocks are highly correlated with each other over daily, weekly, monthly and yearly horizons. The one group where that correlation keeps falling as the timeframe lengthens is the resource companies. They are not protected against every inflationary shock, but a chunk of them are well positioned for the bad cases that hurt everything else. On a secular basis, resources are one of the two groups Inker would overweight if he knew nothing else about the market. Valuation still matters when building portfolios, so they would not own resources when everyone is piling in.
“We have definitely liked energy stocks, and let's say more broadly resource stocks for quite a while because of their diversifying characteristic. ...the one group of stocks where that correlation keeps dropping as the timeframe gets longer is the resource companies.”at 46:43
Monetary Matters: The AI Bubble Will Pop from Equity Supply Says This $80 Billion Asset Manager | Ben Inker | GMO ·
Josh Brown · Ritholtz Wealth Management
Real-asset investors over fifteen years earned little: gold up 154%, crude up 8%, natural gas down 6%.
Since Halftime Report launched in October 2011, gold is up about 154%, while crude oil is up only 8% and Henry Hub natural gas is down 6%. Josh contrasts this with the stock market, which grew about sixfold, and with large-cap tech, which was up about tenfold. He says there is nothing in real assets over this period, and that anyone who invested in them had to be a great trader.
“If you were one of these real assets investors, I hope you were a great trader because there's nothing there. Nothing.”at 12:26
The Compound and Friends: Josh Rings the Bell, Fifteen Year Changes, Bank Earnings, Internals Are Fine ·
Charles Lemonides · ValueWorks LLC
Commodity prices fluctuate around the cost of incremental supply, so valuation matters more than price.
Commodity prices swing, but over time they gravitate toward the cost of new supply. Producers need a return on investment, so prices cannot stay far below that cost for long. For that reason, when a commodity company's valuation is disconnected from the cycle, he cares less about the spot price. He pays closer attention to where the valuation sits against normalized prices.
“Because what we know about commodity prices is that they fluctuate. And they fluctuate eventually around the cost of incremental supply.”at 46:39
Monetary Matters: Top Performing Value Investor Explains Why the Market Isn’t Overvalued and Hasn’t Hit the Blowoff Top Phase | Charles Lemonides | ValueWorks LLC ·
Jurrien Timmer · Fidelity Investments
The BCOM spot index is negatively correlated with equities and bonds, making commodities a useful diversifier.
Timmer looks at correlations. The BCOM spot commodity index sits in the lower-left quadrant of his four-quadrant correlation chart, negatively correlated to stocks and bonds. Managed futures are probably similar because they are long commodities and short bonds. He thinks investors should hold such uncorrelated assets, like gold, Bitcoin and commodities, to offset the positive stock-bond correlation.
“So I look a lot at correlations and for instance, the BCom spot index, commodity index is ... this is in the lower left quadrant where it is negatively correlated to everything else.”at 1:03:39
The Compound and Friends: This Is Where the Rubber Meets the Road, with Jurrien Timmer ·
Nick Nemeth · Mispriced Assets (Substack)
If fiat currencies lose value, commodities will skyrocket as inflation-resistant assets rise.
Nemeth reasons that if the currencies of other countries and the dollar both lose value through money printing, commodities will skyrocket because nobody wants paper. Inflation-resistant assets would rise again. He presents this as the consequence of a currency debasement path rather than as a forecast with a timeline.
“Commodities skyrocket. ... Nobody wants paper. Sure. Inflation resistant assets go up again.”at 44:50
The Julia La Roche Show: #417 Nick Nemeth: The Biggest Turn in My Lifetime, Why Credit Contagion Could Hit Everything ·
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