Inflation is now running at 40-year highs. Natural resource stocks were top performers in 2021 and their leadership has continued into 2022.Could the 40-year bull market in bonds be coming to an end?

The US CPI grew at 7.1% in the fourth quarter of 2021 signaling the highest inflation in 40 years. Nearly three years ago, Bloomberg Businessweek proclaimed the “Death of Inflation” on its cover –..

First appeared in Q3 2021 commentary

Global oil markets could not have looked grimmer than back in the summer of 2020. COVID cases were increasing again and further global economic lockdowns were..

Few people think of energy at all and even fewer think about its history. We are on the verge of a new chapter in the History of Energy and few people realize the implications.

First appeared in Q2 2021 letter

Last summer, we predicted global oil demand would quickly regain its pre-COVID peak as travel restrictions were lifted. Clearly, in retrospect, we were too..

First appeared in Q2 2021 letter

Oil production growth outside of OPEC+ and the US shales has been extremely difficult to achieve — even before the recent ESG pressures. Over the last 20 years, oil..

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..