The Financial System Is Cracking - Why Gold & Commodities Could Surge

Summary

Jonathan Wellum argues that commodities and mining are among the most overlooked opportunities because years of underinvestment are meeting rising demand from deglobalization, reshoring, data centers, robotics, and rearmament. He highlights shortages in silver and copper and says precious metals mining equities lag their record cash flow. He also points to under-the-surface reshoring beneficiaries like Dexterra, but warns that the AI and hyperscaler capex boom carries risky and uncertain returns.

• Trump's mining roundtable signals a critical minerals and rare earths reshoring push to reduce dependence on China.
• Broad commodities are supported by underinvestment, supply shortages, and debt/debasement concerns.
• Copper remains near record highs due to a physical supply-demand imbalance.
• Gold and silver are seen as protection against unsustainable debt and deficits, with central banks favoring gold.
• Gold and silver miners are generating record margins but trade as if gold were much lower.
• Dexterra is highlighted as a reshoring and data-center services beneficiary with high switching costs and a 9% free cash flow yield.
• AI and hyperscaler capex is risky and uncertain, while Apple's capital discipline is praised.