The Rally in Gold Continues


“Even adjusting the Fed’s balance sheet for excess reserves (a debate in and of itself), we believe today’s balance sheet justifies a gold price in excess of $15,000 per ounce on the low side or..

How Low Can Lithium-Ion Battery Costs Go? (Part 2)


Below is an excerpt from our Q4 2019 Commentary. However, we still believe today this information is valuable and wanted to share it with you in case this topic is of interest to you.  

In a ..

The Gold-Oil Ratio Revisited


As proof we live in interesting times, just consider the gold-oil ratio over the last few months. Because of the impact of COVID-19 on the global economy, the gold-oil ratio has reached the..

Top 3 Goehring & Rozencwajg Posts of 2020


While we are at the midpoint of the year, we'd like to take a moment to reflect on our writings. Inflation has been a hot topic this year and we’ve enjoyed sharing our views on how the Fed may be..

Are We Poised for a Natural Gas Rally?


We may be near the end of the twelve-year bear market in natural gas. Although we have mostly stayed away from natural gas stocks over the last several years, we continue to follow the market..

G&R In the News


The Managing Partners here at Goehring & Rozencwajg have historically been relied on to provide perspective on an array of natural resource-related topics. For your reading interest, below is a..

Are We Entering a New Paradigm of Inflation?


During a recent client call, this question on inflation was posed to G&R Managing Partner Adam Rozencwajg, CFA:

“Over the past 40 or so years, we've been in a period of declining real interest..

Falling Rig Count and Demand Normalization


“If production were to average 80.5 mm b/d, then global inventories would go from ‘full’ to 15-year low levels in only two months.”


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In recent blogs we’ve been..

[New Podcast] Adam Rozencwajg Talks Oil Markets on Financial Sense


“In the history of crude oil, nothing can compare to the past two months." 


Goehring & Rozencwajg managing partner Adam Rozencwajg recently joined Financial Sense (FS) Senior Editor Cris..

Oil Production Cuts and Their Long-Lasting Repercussions


“According to the EIA weekly inventory figures, US production has fallen by nearly 1 mm b/d or 7% in only five weeks – the second-sharpest decline in US production ever outside of..

This quarter's

Natural Resource
Market Commentary