Clem Chambers

"Copper's going to do what silver just did, but it's not done it yet. It's just starting... That's early doors on a parabola." Chambers identifies a rotational pattern in commodities. Silver had its parabolic run and crash; capital is now rotating into Copper. The "hockey stick" chart pattern is currently forming, suggesting an imminent vertical move. LONG Copper to catch the beginning of the parabolic phase. The "hockey stick" fails to materialize or global recession dampens industrial demand.

"My latest love... is companies like Fluor... They make clean up, sort out, help out, build, plan nuclear power stations... that share is going to turn around from being the biggest shaggy dog... to being a golden unicorn." There is a massive structural demand for nuclear energy to power AI and re-industrialization. Fluor has a massive moat because very few companies globally are certified/capable of building and servicing nuclear plants. Scarcity of service providers + high demand = "ballistic" share price. LONG Fluor as a contrarian, deep-value nuclear infrastructure play. Regulatory hurdles in nuclear energy or project execution delays common in the construction sector.

"I hold a lot of gold, a lot of platinum, and way more than that palladium... I'm expecting gold to pick up on the trend... and it will just grind along." Unlike Silver, Gold did not go fully vertical/parabolic yet. It is in a sustainable uptrend ("grind"). Platinum and Palladium are expected to sync with Gold's movement, offering significant upside as they play catch-up. LONG the precious metals complex (excluding Silver) for a steady trend following trade. A strong dollar or hawkish Fed policy that restricts actual liquidity (though Chambers deems this unlikely).

"Copper is the element that boils it [the ocean]... shipping your nuclear power to your hyperscaler... you need copper and lots of it." AI is fundamentally an energy arbitrage trade. Moving that energy from generation (nuclear plants) to consumption (data centers) requires physical transmission infrastructure. Copper is non-substitutable for high-efficiency transmission, creating a "tidal wave" of demand against a structural supply deficit. LONG. The "pick and shovel" play for the AI energy crisis. Global recession dampening industrial demand; substitution with aluminum in some applications.

"I hold a lot of gold, a lot of platinum, and way more than that palladium... I'm expecting gold to pick up on the trend... and it will just grind along." Unlike Silver, Gold did not go fully vertical/parabolic yet. It is in a sustainable uptrend ("grind"). Platinum and Palladium are expected to sync with Gold's movement, offering significant upside as they play catch-up. LONG the precious metals complex (excluding Silver) for a steady trend following trade. A strong dollar or hawkish Fed policy that restricts actual liquidity (though Chambers deems this unlikely).

"I hold a lot of gold, a lot of platinum, and way more than that palladium... I'm expecting gold to pick up on the trend... and it will just grind along." Unlike Silver, Gold did not go fully vertical/parabolic yet. It is in a sustainable uptrend ("grind"). Platinum and Palladium are expected to sync with Gold's movement, offering significant upside as they play catch-up. LONG the precious metals complex (excluding Silver) for a steady trend following trade. A strong dollar or hawkish Fed policy that restricts actual liquidity (though Chambers deems this unlikely).

Gold bullish due to war risks

Nokia long on AI infrastructure value

Gold bullish due to war risks

"Company called Fluoro [Fluor Corp]... help you build nuclear power stations... The only reason there's going to be nuclear power... is because that's the only way that the energy that's required for AI is going to be made." Renewable energy cannot provide the consistent baseload power required by AI hyperscalers. This forces a renaissance in nuclear energy. Fluor (FLR) builds the plants; Uranium miners (URA/CCJ) provide the fuel. Long nuclear construction and uranium exposure. Regulatory hurdles or significant delays in nuclear project approvals.

"Look at Rhyme Metal [Rheinmetall]... Airbus... all the European military companies... I'm long. I'm longer than a rhino on Viagra." The geopolitical threat from Russia has fundamentally changed European budgeting. Even if the Ukraine war ends, Europe will continue to rearm to deter future aggression. This guarantees a multi-year order book for European defense contractors. Long European defense majors (Rheinmetall, Airbus). A sudden, lasting geopolitical détente that leads to budget cuts (viewed as unlikely by the speaker).

"I picked up some Glen Core today because they're up to their ears in strategic and critical minerals... Copper... It'll go 3x in the next two years." AI and data center build-outs require massive amounts of physical wiring and power infrastructure. Copper is the primary material constraint. While Gold/Silver have already moved, Copper is lagging and poised to "catch up" violently. Glencore (GLNCY) is the specific pick; Freeport (FCX) and Copper ETFs (CPER) are logical sector proxies. Long strategic minerals with a heavy focus on Copper. Global recession dampening industrial demand before the supply crunch hits.

"Look at Rhyme Metal [Rheinmetall]... Airbus... all the European military companies... I'm long. I'm longer than a rhino on Viagra." The geopolitical threat from Russia has fundamentally changed European budgeting. Even if the Ukraine war ends, Europe will continue to rearm to deter future aggression. This guarantees a multi-year order book for European defense contractors. Long European defense majors (Rheinmetall, Airbus). A sudden, lasting geopolitical détente that leads to budget cuts (viewed as unlikely by the speaker).

"Gold and silver... going to link up and grind up... could easily see 6,000 this year on gold." Inflation driven by AI spending and money printing, combined with geopolitical instability (China/Taiwan, Middle East), creates a perfect environment for precious metals. The "vertical" move may be over, but a consistent upward grind is expected. Long Precious Metals. A strong dollar or aggressive Fed tightening to combat inflation.

"Company called Fluoro [Fluor Corp]... help you build nuclear power stations... The only reason there's going to be nuclear power... is because that's the only way that the energy that's required for AI is going to be made." Renewable energy cannot provide the consistent baseload power required by AI hyperscalers. This forces a renaissance in nuclear energy. Fluor (FLR) builds the plants; Uranium miners (URA/CCJ) provide the fuel. Long nuclear construction and uranium exposure. Regulatory hurdles or significant delays in nuclear project approvals.