About this episode
Today’s episode is a wide-ranging conversation with Paulo Macro. Paulo’s been sharing some fantastic and thought-out views on many commodities, as well as his all-encompassing that we’re in a new supercycle. He details and expands upon these ideas, while we quiz him on copper, uranium and energy, where he shines a light on the key features to watch out for as markets grind or burst higher. Stocks covered: SFR, FCX.NY, HBM.TO, IVN.TO, FM.TO, CSC, TGB.NY, ALDE.C, CCJ.NY, URA.NY, UEC.NY, NXG, U.U, YCA.L, VAL.NY, SDRL.NY Follow Paulo's substack here: https://substack.com/@paulomacroThis was recorded on 13.11.2025. …………… TIMESTAMPS (00:00) — Episode introduction & global economy unsynchronization(00:40) — Supercycle and China bull market discussion(02:30) — China's demand and commodity cycles(04:10) — Rise of commodities as an asset class(06:10) — Supply constraints and commodity price appreciation(09:10) — Commodity price spikes: gas, nickel, oil, uranium, copper(12:20) — Active vs. passive investing in commodities(14:30) — Copper supply story and price ranges(19:30) — Asia vs. West economic cycles & metals demand(21:30) — Mining M&A and cycle phases(30:40) — Copper mine disasters and market impact(40:00) — Uranium market and NextGen discussion(50:30) — Uranium market strategies, Cameco, and NextGen(1:00:00) — US uranium policy, strategic reserve, and market speculation(1:06:00) — Oil market: 2026 outlook, OPEC, and global supply(1:16:00) — Oil equities, hedging, and US production(1:22:00) — Episode wrap-up & final thoughts(1:23:50) — Sponsors, credits, and closing remarks…………… Join 15k+ subscribers to the ??????????????????????????Director’s Special??????????????????????????: one daily email with all the news that matters in mining …………… PARTNERS Thank you to the mining services businesses that make this content possible: ????????????????????????Sandvik Ground Support???????????????????????? – The only ground support you’ll ever need ???????????????????????
