Goldman Sachs outlined scenarios seeing oil spiking to $120, $140, and even $160 a barrel depending on disruption duration and severity. Our view at the Gold & Silver Club is more direct: if disruption persists, $150 per barrel is not the ceiling, it is the next milestone.

At the start of the year, the Gold & Silver Club declared 2026 the year of hard assets. Three months in, that call looks less like a bold thesis and more like the defining macro reality of the year.

In 2026, oil is no longer just a tactical inflation trade. It is becoming one of the decade's defining macro hedges, with the power to outperform as risk assets weaken and policy credibility erodes.

The market still thinks energy is a side story. It is not. It is the main story of 2026, and oil may prove to be the safest place to be when the global shock hits.