First appeared in Q2 2021 letter

The foundation for the upcoming oil crisis is now firmly set in place. Despite recent hiccups related to the delta variant, the world is re-opening and global oil..

First appeared in Q2 2021 letter

Uranium stocks sold off in mid-June as news outlets reported a possible leak at the Taishan Chinese reactor, a joint venture with Électricité de France (EDF). The..

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 11^th 2021. Although..

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..

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..

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..

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..

“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..

“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..

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..