Watch our 7-minute video: Q3 2025 Market Commentary.
Adam Rozencwajg, Managing Partner of G&R, recaps the latest research letter, highlighting why the era of stable, low-volatility markets—the “Carry Bubble”—may be ending.
Key insights in this video:
- Leverage, low volatility, and central-bank support have shaped markets—but cracks are appearing.
- Gold led the last commodity bull market; history suggests oil may take the lead next.
- Natural resources—from uranium to natural gas—remain under-owned as capital scarcity grows.
Gain a clear, concise overview of the forces that could reshape markets in 2026 and beyond.
Watch the video by clicking the video image above.
Curious to learn more now? Read more in our Q3 2025 research newsletter, available for download below.
1The negative price recorded for the NYMEX May 2020 WTI contract reflected an exchange-level failure to clear positions before delivery constraints became binding. Storage at Cushing was effectively full, open interest unusually high, and forced liquidation produced the now-infamous negative print. Brent, a financially-settled contract, closed at $19.33 on April 21 and offers a truer representation of market pricing. Using that figure against gold at $1,690 per ounce yields a gold-oil ratio of 87 during the crisis.
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