Outlook on 5 Key Commodities: Metals Bull Market is Just Getting Started (Gold, Copper, & Uranium) | Jérémie Boyer | Aurelion

We're pretty much bullish on gold. I think decoupled from all price. This is what maybe the confirmation we were waiting for to become bullish again on gold. As we saw since maybe August and so far September, there's been a huge spike in whether you would have it or central banks of like China buying physical on copper. It's something maybe that we see more long term. I think the story was already good. And now with AI, it just become even better. And I think that funds are getting in. Lumentum liked the company. It's a big company. The LOI girl, we asked her about like, is copper a risk for y

This episode is brought to you by Plutus. Later on, you'll hear more about how Plutus is bringing model portfolios from research providers like Citrini, HFI Research, Aurelion, LeSchrub, AP Research, and Elliant Capital to your self custody brokerage account. Let's get into today's interview. Welcome back to other people's money. I am Max Weethy, and I'm joined today by Jeremy Boye, cofounder of Aurelion Research. Jeremy, thank you so much for joining me today.

Hi, Max. Thank you for having me.

So Aurelion is is one of the the great independent research providers out there on Substack. You guys are very cross asset, but it would be wrong for me not to say that you specialize in commodities, and commodities have been a major story in 2026, certainly taking the reins, it feels like, from, AI in the back half of the year as inflation and fiscal concerns and all of these things have have continued to spiral along with a Hormuz crisis that just won't end. So, Jeremy, I know you just wrote a piece about your commodity outlook. You gave a strong view on five commodities. I wanna start with

This is kind of easy, but maybe the safest one would be gold. I think, like, I don't see how it it won't go back to, like, 5 ks US an ounce. I think in like we saw that back once almost happened, was inversely trading with oil. So as long as oil was going up, gold was crashing. But like in July or something like that, recently we saw it decouple from oil and that's exactly what we were waiting for at the read and that's why we became bullish. And recently we wrote about it and we kind of, I think we were really right. And now we don't see how it would stop. So it would be the most bullish one.

In June. Okay. So in June, they bought

But we don't always have the most recent data. So that's from Goldman Sachs. It's usually pretty accurate. But, yeah, when I saw this, was like, okay, it's getting really, you know, it's a good moment.

Well, let's go back to that period when gold cooled off because I think a lot of people, they think, oh, inflation is picking up. That is gonna be a positive driver for gold. And certainly over the long run, debasement inflation is the, like, core driver of gold prices moving up. But I think one of the things that's counterintuitive to a lot of people who aren't tracking it is the way that gold and real interest rates interact. And so you had a period of time when inflation in the short term looked like it was picking up and that that rates were gonna have to come up. But inflation expectation

Well, it's interesting because like in the article that we published recently, we kind of, I speak, I speak about rates and, you know, real rates, the Fed and everything. But actually, I think in the past, usually gold, it pretty much works with like, okay, we're gonna hike, we're gonna cut. But recently, in the past two years, we had so many conflicts and geopolitics that to be really honest, I don't always even look at the rates to check gold, you know, lik