Everything in Resources Is Cheap (Rob Mullin)

The resource sector faces a secular shift driven by long-term underinvestment, energy-intensive technology demands, and a transition toward a multipolar world. Geopolitical instability, particularly in the Middle East, forces nations to prioritize supply chain resiliency and energy security over purely cost-driven procurement. Gold remains a critical hedge against currency debasement and central bank diversification, while energy equities and tanker operators offer significant cash flow potential despite market volatility. Investors should focus on companies utilizing technology to enhance productivity and those minimizing idiosyncratic jurisdictional risk. While traditional base metals like copper face potential demand destruction from economic cooling, niche commodities such as nickel and tungsten present compelling opportunities. Ultimately, successful resource investing requires a disciplined, contrarian approach that balances high-conviction bets with risk-adjusted exposure to services and infrastructure, ensuring resilience against broader market fluctuations and shifting geopolitical alliances.