Today, an assessment of the reasons behind the US' surgical removal of Venezuela's political leadership and what the fallout may be for oil and likely more importantly, geopolitically. We also bring the Iran situation into the conversation and note that it could prove a far bigger deal for oil and gas markets if sanctions are eventually lifted there. As well, we discuss the insane ramp in silver prices into year-end, the moves in FX and more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

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Venezuela is probably just the start. Market shrugs, though US oil majors cheer.

Saxo Market Call