09/24/2021
First appeared in Q2 2021 letter Copper made a new all-time high during the quarter. After bottoming in January 2016 at $1.94 per pound, copper rallied 150% to reach $4.77 on May 11th 2021. Although...
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...
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...
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...
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...
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...
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...
07/23/2021
In our Q4 2020 letter, we discussed how China had emerged seemingly overnight as one of the world’s largest corn importers. While China had become a large importer of soybeans 20 years ago, its corn...
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 developed....
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 was...