Ideas
Biggest commodity bull market just starting.
Gijsels says the world is entering the biggest commodity bull market ever and is only in the second or third inning. Supply has been underinvested for decades, opening new mines takes 15-20 years, climate policy has restricted new supply, electrification and AI/data-center demand are rising, and war, inflation, and fiscal stimulus add inflationary pressure.
Central banks drive gold much higher.
Gold is backed by central-bank buying of about 1,000 tons last year, reserve diversification away from Treasuries after Russia sanctions, fiscal dominance and pressure on Fed independence, and very low investor allocation—only about 2% of assets. He expects gold to move quickly to $4,000, then $5,000-$10,000 in coming years.
Silver to $50, then higher.
Silver should participate in the same precious-metals bull market and reach about $50 as gold reaches $4,000, then go higher; it benefits from both monetary/inflation demand and electrification/industrial demand.
Europe fiscal stimulus lifts stocks.
Germany and the EU are undertaking a massive fiscal/military/infrastructure stimulus that is a game changer for Europe. Money is flowing back to Europe, and European markets gaining momentum may signal that markets believe Europe has a chance to improve.
Own belly, avoid long end.
With the Fed cutting short rates while long-end yields rise on higher inflation expectations and term premium/debt-sustainability doubts, he prefers the belly of the curve at 3 to 5 years and worries about the long end. The long end is telling a less happy story than the 10-year.
Own belly, avoid long end.
With the Fed cutting short rates while long-end yields rise on higher inflation expectations and term premium/debt-sustainability doubts, he prefers the belly of the curve at 3 to 5 years and worries about the long end. The long end is telling a less happy story than the 10-year.
Euro to strengthen versus dollar.
Money should no longer flow so easily to the US; European and other markets outperforming and the end of American exceptionalism imply a weaker dollar. He would not exclude EUR/USD at 1.25 and sees 1.30-1.40 over the next couple of years, so he hedges dollar exposure.
Weak dollar lifts emerging markets.
A weaker dollar and the end of American exceptionalism should open opportunities in emerging markets; he expects emerging-market equities to do well and emerging-market local-currency bonds to do well too.
US tech, AI, quantum still must-own.
Even though valuations are high, he tells clients it would be a mistake not to be invested in technology because the U.S. is taking the lion's share of AI/quantum/data-center investment and hyper-innovation; AI and quantum combined are extremely powerful. China is second, but most of the leading tech remains US.
Diversify into small caps and UK.
He has been diversifying portfolios toward European small caps and UK stocks since the start of the year as money flows more evenly and US exceptionalism unwinds.
US rare-earth independence push.
He loves the rare-earth space because the U.S. is investing massively to reduce dependence on China's dominance, but he warns rare-earth equities are volatile, mines are not always profitable, and investment vehicles are hard to find.
Cash loses purchasing power in superinflation.
Superinflation means inflation averages 2-4% with peaks above, and with high debt governments will let inflation run to make debt manageable. At 4% average inflation for 10 years, cash loses almost 50% of purchasing power, so cash is not an option.
Own real assets, not cash.
Because cash is not an option in superinflation, investors should own real assets—real estate, equities, commodities, gold/silver, and other tangible assets—rather than cash.
Copper supply-demand gap drives doubling.
Copper is his preferred industrial metal because electrification needs copper to move electricity, demand and supply are not balanced, China dominates refining, political disruptions can hit Latin American supply, and the trade/geopolitical conflict makes supply more fragile. He says it could double and is a key idea after gold and silver.
Speculative lithium bottoming play.
He is getting more bullish on lithium on a very speculative basis: prices and lithium equities have been hammered and look like they are bottoming, though future battery composition could shift to sodium/natrium, making it risky.
Small miners benefit from reshoring.
U.S. and Western investment in new mining/refining projects to reduce Chinese dominance will take time and creates a very good opportunity in smaller and midsized miners, though the space remains volatile with political and supply disruptions.
This The David Lin Report video, published September 17, 2025,
features Philippe Gijsels
discussing DBC, GLD, SILVER, VGK, 3-5 year US Treasuries, TLT, EUR/USD, EEM, Emerging market local-currency bonds, XLK, AI-SECTOR, QUBT, IEUS, EWU, REMX, CASH, XLRE, COPPER, LITHIUM, Small- and mid-sized miners.
16 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Philippe Gijsels
· Tickers:
DBC,
GLD,
SILVER,
VGK,
3-5 year US Treasuries,
TLT,
EUR/USD,
EEM,
Emerging market local-currency bonds,
XLK,
AI-SECTOR,
QUBT,
IEUS,
EWU,
REMX,
CASH,
XLRE,
COPPER,
LITHIUM,
Small- and mid-sized miners
