Jeff Currie on the Crazy Surge in Metals, And Why The Supercycle Has Years to Run

The podcast explores the simultaneous surge in the prices of gold, silver, and copper, questioning whether this is a short-term trend or the start of a commodity supercycle. Jeff Currie, a partner at Carlyle and commodities expert, attributes the metal surge to debasement, de-dollarization, and diversity, driven by emerging markets moving away from dollar-denominated assets. He highlights China's significant role in hoarding silver due to its importance in solar panel production and as an accessible store of value for the population. Currie argues that a global CapEx boom, spurred by investments in defense, AI, and data centers, is creating a repricing towards asset-heavy industries, suggesting the current trend is sustainable and could last for another decade, characterized by volatile price spikes.