Ideas
Own gold/silver as monetary debasement hedge
The global monetary system is under severe stress from unprecedented debt, fiat currency debasement, and de-globalization. Gold and silver are real, tangible collateral that has held value for thousands of years, and physical demand, including silver's use in AI data centers, supports the space. Rocklinc owns large long-term positions in gold and silver, but warns that volatility and consolidation can occur, so investors should use pullbacks to dollar-cost average rather than chase FOMO.
Royal Gold favored but trim after merger
Rocklinc held Sandstorm Gold Royalties and Royal Gold, and after the companies merged it loves the combined position. The merged position grew to 12%-13% of some portfolios, so it is trimming back to about 8% to manage concentration risk while retaining long-term exposure.
Avoid speculative junior miners; diversify instead
Speculative junior miners are a wild west: many are not substantive, only about 10% may ultimately be worth anything, and environmental, nationalization, drilling, or operational problems can destroy individual miners even if metals prices rise. If investors want junior exposure, they should be very careful and use diversified vehicles or high-quality names rather than single speculative names.
Miners lag metals; silver miners offer catch-up
Precious-metals miners have lagged the underlying metal rally. If silver remains near $110 or higher, silver miners with break-even costs around $18-$20 could generate unprecedented margins and cash flow, and profits may rise much more than stock prices, potentially spurring miners in coming quarters. However, individual miners carry environmental, nationalization, drilling, and operational risks, so investors should use diversified ETFs and high-quality names.
Prefer royalty companies for safer mining exposure
Rocklinc prefers precious-metals royalty companies because they finance mines and act more like investment bankers to miners, reducing exposure to individual mine operational and jurisdiction risks. These have always been their largest positions in the sector.
Commodity super cycle remains alive and strong
Long-term digitization, AI/data centers, EVs, robotics, de-globalization/resource nationalism, and power demand require more physical commodities at a time when supply cannot respond quickly. He believes the commodity super cycle is alive and strong, supported by too much debt and currencies losing purchasing power.
Copper demand/supply gap favors long-term upside
Copper is a key beneficiary of electrification, data centers, digitization, and global resource needs. Estimates suggest the world needs about 70% more copper production over the next 30 years, but new mines take 8-10 years and tens of billions of dollars, so supply cannot be turned on overnight. Copper has not fully responded because of a soft global economy, but the longer-term demand/supply trends are very positive and Rocklinc holds it.
Nickel is supply-constrained commodity supercycle play
Nickel is another important commodity in the super-cycle thesis because supply cannot be turned on overnight and the physical economy needs it. Rocklinc has positions in nickel, though the transcript gives less detail than for copper.
Polymetallic miners offer diversified commodity exposure
Rocklinc is increasingly looking at polymetallic mines as an opportunity because they can provide exposure to multiple commodities such as copper, nickel, silver, and PGMs tied to the super cycle, while still trying to be careful about mining risk.
Own AI data-center picks-and-shovels infrastructure
The AI/digital economy is built on the physical world, and Rocklinc invests in data-center infrastructure rather than only chips. Brookfield is involved in building data centers; Schneider Electric and Eaton provide equipment and parts; Prologis manages data-center properties through REITs. These are picks-and-shovels ways to play AI/data-center demand.
AI power demand boosts uranium/natural gas
AI, data centers, digitization, robotics, and EVs require a large increase in power production, a long-term trend he does not expect to go away. He explicitly says the world needs uranium power and natural gas to power these things as part of the commodity super cycle.
This Wealthion video, published January 27, 2026,
features Jonathan Wellum
discussing GLD, SILVER, RGLD, GDXJ, GDX, SIL, Precious metals royalty companies, DBC, COPPER, NICKEL, PICK, BEP, SU.PA, ETN, PLD, URA, UNG.
11 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jonathan Wellum
· Tickers:
GLD,
SILVER,
RGLD,
GDXJ,
GDX,
SIL,
Precious metals royalty companies,
DBC,
COPPER,
NICKEL,
PICK,
BEP,
SU.PA,
ETN,
PLD,
URA,
UNG
