Asks how much of oil's move to ~$70 is geopolitical premium.
Joanna
Francisco Blanch
Geopolitics are the main force pushing oil to the high end of its range, but the market is oversupplied with a ~2 million barrel/day surplus.
Asks about the tailwind for industrial metals from supply restrictions and energy transition demand.
Joanna
Francisco Blanch
Yes, expects it to continue. Governments are moving to a 'just in case' model, building strategic reserves. Indonesia is using its dominant position in nickel to push prices higher.
Asks how much of gold/silver rally is speculative vs. fundamental.
Joanna
Francisco Blanch
Precious metals are always speculative, but gold is a hedge against 'just about anything' - fiscal worries, equity concentration, AI investment, monetary policy.