Sprott CEO John Ciampaglia: Still in early stages of a new commodity cycle

Watch on YouTube ↗  |  January 22, 2026 at 23:16  |  5:56  |  CNBC
Speakers
John Ciampaglia — CEO, Sprott Asset Management
Tim Seymour — Seymour Asset Management, Fast Money Trader

Summary

Sprott CEO John Ciampaglia discusses the commodity rally, saying physical silver has been the standout and that the broader commodity cycle is still in early stages. He points to years of underinvestment in platinum, palladium, copper, and uranium, plus government strategic stockpiling, as supports for higher metals prices. Fast Money panelist Tim Seymour argues institutional demand for PGMs is underappreciated and that 10% allocations could drive more upside. The conversation also touches on gold repatriation and Sprott's business.

  • Gold and silver have rallied to record highs amid geopolitical uncertainty.
  • Sprott CEO says physical silver is the real winner and has almost doubled since breaking its old high.
  • Indian demand and ETF inflows are cited as key supports for silver.
  • He sees the commodity cycle as early because platinum, palladium, copper, and uranium suffered years of underinvestment.
  • Governments reshoring mining/processing and stockpiling metals could add a new demand source.
  • Tim Seymour says institutional investors are under-allocated to PGMs and may move toward 10% allocations.
  • Gold repatriation is discussed, but no clear directional gold call is made.
Ideas
John Ciampaglia CEO, Sprott Asset Management 0:35
Physical silver leads the commodity rally.
Physical silver has been the real winner in the commodity rally, breaking its 2011 high in late 2025 and almost doubling since. He says the move is overwhelmingly driven by investor demand: Indian buyers are substituting from gold, which is near $5,000/oz, into silver, with 85 million ounces imported in September and October, and ETFs/physical silver trusts are seeing strong inflows. Although high silver prices may encourage Chinese solar panel makers to substitute copper, he views that as normal and says investor demand is overwhelming it.
SLV HIGH
Tim Seymour Seymour Asset Management, Fast Money Trader 2:21
Institutions under-allocated to PGMs.
He sees institutional demand for PGMs and says big money managers and RIAs are starting to discuss 10% allocations to the group. Because only a handful of firms can implement institutional PGM exposure, and institutions and retail investors appear under-allocated or short, he thinks there is more upside and that the move is still very early.
SPPP HIGH
John Ciampaglia CEO, Sprott Asset Management 3:30
Early commodity cycle favors metals.
He believes the new commodity cycle is still incredibly early. Platinum, palladium, copper, and uranium spent 10-12 years rangebound while tech stocks reached highs, which led to very little capital investment and created today's shortages and scarcity. As capital returns to these markets, it can immediately lift metal values. In addition, governments increasingly view these metals as strategically important for energy and national security, pushing to reshore mining and processing and potentially stockpiling metals like during the Cold War, creating another major buying group.
PPLT PALL COPPER URA HIGH
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This CNBC video, published January 22, 2026, features John Ciampaglia, Tim Seymour discussing SLV, SPPP, PPLT, PALL, COPPER, URA. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Ciampaglia, Tim Seymour  · Tickers: SLV, SPPP, PPLT, PALL, COPPER, URA