Episode 008. One Commodity Cycle or Many?

Commodities as an asset class are rarely homogenous. Today, prices are moving together, which either reflects a structural relationship or a set of unrelated drivers arriving at once.

Rate Cut Cycle Returns Table: https://www.biancoresearch.com/bianco/podcast/2026/09/rate_cut_cycle_returns.png

Chapters

00:00 - Introduction & The Commodity Rally

02:25 - How Commodity Total Return is Calculated

06:02 - The Structural Case for "Easy Money"

13:03 - Supply Disruption Drivers in Energy Markets

16:46 - The "Sovereignty Premium" & Central Bank Gold Buying

23:28 - Debating the Multi-Factor Reality Behind Commodities

31:46 - Closing Question: How Should the Fed Respond to Structural Commodity Shocks?

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