What to Expect From Gold and Silver Going Forward

09/10/2021

First appeared in Q2 2021 letter

While we believe a huge precious metals bull market lies in front of us, we must also be aware that challenges remain over the medium term. Since the beginning of..

The Truth About Renewables – Featuring Leigh Goehring and Adam Rozencwajg

09/09/2021

Many of the most popular solutions being proposed to solve our planet’s CO2 problem will be difficult, if not impossible, to accomplish. In this video, managing partners Leigh Goehring and Adam..

North American Gas Markets Now in Deficit

08/31/2021

Tightness in the US natural gas market is beginning to manifest itself in low inventory levels. After having started the year at a 200 bcf surplus to the five-year seasonal average, US inventories..

Update on US Shale Oil Production and Rig Count

08/27/2021

First appeared in 2Q letter August 5, 2021

2021 shale production has held up better than we expected. At the end of last year, we predicted shale production would experience sustained sequential..

Looking Ahead to a Tight Oil Market

08/18/2021

“Over the longer-term, ESG-led activist investors have all but ensured non-OPEC production will fall dramatically, leaving OPEC with increased market share and pricing power.”

 

Over the past 18..

Is Inflation Here to Stay?

08/11/2021

“With Earnings Soaring, Banks See Boom Ahead” The New York Times, 4/14/2021.

 

A vigorous debate has emerged surrounding inflation as money supply growth dramatically accelerates, deficit spending..

The US is in Drought and Agricultural Markets in Deficit

07/08/2021

Given low ending stocks, both corn and soy are extremely susceptible to any disappointments in plantings, harvest, or weather. As the 2021–2022 season gets underway, problems have already..

Oil Inventories Headed Lower Through Remainder of 2021

06/30/2021

Non-OPEC+ production outside of the US is facing challenges similar to the situation with the US shales. In their most recent report, the IEA reports that non-OPEC+ production outside of the US..

What a Difference a Year Makes (in Oil)

06/15/2021

Exactly one year after West Texas Intermediate crude reached its historic -$37 per barrel low, the damage inflicted on global oil markets from the COVID-19 economic lockdowns has been largely..

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