About this episode
What if the next big bull market isn’t in tech or AI stocks — but in commodities?On this episode of In the Money with Amber Kanwar, Amber sits down with Hussein Allidina, Head of Commodities at TD Asset Management, for one of the most comprehensive conversations about commodities after an explosive year. Hussein argues that we’re still in the early stages of a multi-year commodity upcycle, driven by chronic underinvestment, rising global demand, and a world that needs far more energy, metals and power infrastructure than we’re currently capable of producing. He explains why commodities zig when everything else zags, how they deliver real inflation protection, and why a 5–10% allocation may be the most overlooked tool in modern portfolio construction.From why oil may first trade down into the $40 range before setting up for a powerful rebound, to why natural gas could become the quiet backbone of AI, Hussein delivers a masterclass in understanding cycles, supply constraints, and how capital is flowing into the wrong parts of the system. And yes — we get into gold. Why it’s not an inflation hedge, why central banks can’t stop buying it, and why he believes “we see $5,000/oz before we see $2,000/oz.” Amber and Hussein also explore the long cycles in the U.S. dollar, the rise in military and infrastructure spending, and how electrification and data centres will reshape global commodity demand over the next decade.In Pro Picks, Hussein lays out three clear calls: a tactical short in soybeans as speculative flows unwind, a strategic long oil position over the next 6–12 months as inventories tighten and spare capacity shrinks, and a long-term bullish view on copper over the next five to seven years driven by some of the strongest structural demand forces in the market. It’s a roadmap for anyone trying to navigate commodities with a professional lens.If you’ve ever wondered how to think about commodities like a pro — or whether now is the moment to finally add them to your portfolio — this episode is for you.Timestamps00:00 Questrade’s new tools for investors. Use promo code INTHEMONEY01:15 Show intro03:25 The role of commodities in a portfolio07:15 What’s a responsible allocation to commodities?10:00 Understanding how commodity cycles work14:30 What’s going on with oil? 19:10 Expectations for natural gas23:00 What if the return from AI doesn’t materialize?25:00 The path for Copper27:20 The generalist attitude toward commodities right now29:30 Gold’s record year- what happens next?36:45 Silver’s big surge 39:20 TD Alternative Commodities Pool Fund40:40 The relationship between rates & commodities 43:10 Understanding the supply & demand picture, bigger themes & defence spending46:45 Hussein’s Pro Picks (short soy beans, long oil, longer term copper) Sponsors
