Mining Stock Education · Tuesday, July 28, 2026
Samuel Pelaez predicts that as liquidity from financial assets flows into the real economy, the commodity rally will expand beyond precious metals to include base metals like copper, oil, and uranium. He notes that while iron ore may face supply growth headwinds, other commodities are starting to participate, leading his firm to increase exposure outside precious metals.
“When it spreads the real economy, I think that also means that for us, the rally in gold will broaden out to copper, oil, absent uranium, just generally.”
“But I think we're just broadening out the commodity cycle past precious metals, which always rally first, like they did last year and the year before.”
“So we have been, uh, allocating a little bit more outside of precious metals than we used to before.”