Tony Greer

The Strait of Hormuz is permanently impaired due to the Iran conflict, and even a peace deal will not fully restore oil flows. Supply constraints, draining SPR, and maxed-out refineries will force oil prices higher, potentially spiking to $200. The flat price is suppressed by speculative disinterest, but physical tightness builds. He is long energy stocks and expects oil to grind higher.

Gold is the core holding, supported by central bank buying, low volatility within an uptrend, and its role as a store of value. He uses gold as his 'bank' to rotate into other trades. Price consolidation above $4,500 is healthy, and the long-term bullish narrative remains intact.

Rare earth metals will be the winning sector for the year. China has weaponized the periodic table, resource nationalism is rising, and the sector has already outperformed within mining. Scramble for supply and geopolitical tensions support further upside.