'Tectonic' shift towards gold as a reserve currency, ft Cam Currie

Gold and critical minerals are rapidly evolving into foundational strategic assets as geopolitical tensions drive a shift away from fiat currency reliance. Central banks, particularly within BRICS nations, are increasingly utilizing gold as a reserve currency to mitigate risks associated with U.S. dollar sanctions and mounting sovereign debt. Simultaneously, the global transition toward AI and advanced defense systems has elevated the importance of copper, lithium, and tungsten, exposing severe supply chain vulnerabilities in Western economies hampered by slow permitting and capital shortages. Cam Currie, Head of Currie Metals and Mining Group at Canaccord Genuity, highlights that while mining equities remain undervalued, the sector’s strong cash flows and debt-free balance sheets position it for significant growth. As Western nations struggle to reshore processing capabilities, the scarcity of viable assets will likely trigger increased M&A activity and a renewed focus on exploration.