Strategic or tactical? The structural case for commodities | The Commodity Exchange

Commodities are having a strong year, but there’s more behind returns than simply rising spot prices.In this episode of The Commodity Exchange, Nitesh Shah and Mobeen Tahir are joined by Ole Hansen, Head of Commodity Strategy at Saxo Bank, to unpack the forces shaping commodity markets in 2026.

Agricultural commodities are back in focus, but this time the story goes beyond weather alone.In this episode of The Commodity Exchange, Mobeen Tahir is joined by Aneeka Gupta to explore how El Niño and rising geopolitical tensions are reshaping agricultural markets. From the Strait of Hormuz and fertiliser supply to cocoa, coffee, wheat and corn, they discuss the forces driving prices higher and what investors should be watching over the months ahead.The conversation also examines why agricultural commodities can play an important role in portfolio diversification, how weather cycles affect different crops in different ways, and why a broad basket approach may help investors navigate an increasingly complex market.

After another period of sharp rallies and sudden pullbacks, precious metals are once again commanding investor attention. But while gold and silver may be seen as safe havens, recent market moves have shown they are not immune to volatility.In this episode of The Commodity Exchange, we speak with James Steel, Chief Precious Metals Analyst at HSBC, about what is driving gold, silver, platinum and palladium markets right now. The conversation explores why gold initially pulled back despite rising geopolitical tensions, how central banks and investors are behaving at current price levels, and what role inflation, bond yields and oil prices are playing across precious metals markets.We also discuss silver’s industrial demand story, the impact of solar and electric vehicles, and why platinum markets are attracting renewed attention amid tightening supply and changing jewellery demand trends.

A few weeks ago, hardly anyone was talking about the Strait of Hormuz. Now, it's at the centre of global markets.In this episode of The Commodity Exchange, we break down what the Middle East conflict means for commodities and the global economy. From oil and gold to industrial metals and agriculture, the ripple effects are now spreading across markets worldwide.

In this episode of The Commodity Exchange, Nitesh Shah is joined by Josef Schachter of the Schachter Energy Report to unpack the recent volatility in oil prices and what it means for investors. They discuss supply dynamics, strategic reserves, and how geopolitical tensions are shaping short-term price movements.Beyond the headlines, the conversation expands into a broader view of commodities, from energy markets to metals and food, and the case for a new commodity supercycle driven by underinvestment and rising demand from emerging markets.

In this episode of The Commodity Exchange, Nitesh Shah is joined by Tobias Lazar to explore the strategic role of commodities. They discuss diversification, inflation protection, the US dollar effect, and where we are in the economic cycle. They also explain how commodity indices are constructed, why futures curve positioning matters, and how next-generation strategies aim to reduce roll drag and improve outcomes.From gold and silver to cocoa, copper and crude oil, this episode unpacks how commodities behave and why they may matter more than investors realise.

Gold is climbing steadily. Silver is spiking and sliding. In this episode of The Commodity Exchange, host Nitesh Shah speaks with Philip Newman, Managing Director at Metals Focus, to unpack the forces driving recent moves in the precious metals market. They discuss silver’s wild volatility, tariff-driven flows, ETF positioning, and why central banks and retail investors are still backing gold. This is a timely conversation about conviction, liquidity and the evolving safe haven story.

We often credit innovation, finance or technology for powering the modern world. But what if the real story starts deeper underground? In this episode of The Commodity Exchange, host Nitesh Shah speaks with Scott Crooks, Principal Analyst at Codelco, to explore how metals like copper, steel and nickel have shaped the rise of nations and continue to drive global power dynamics. From the industrial revolution to the green energy transition, they unpack why mining is foundational to prosperity and what today’s infrastructure gaps tell us about tomorrow’s geopolitical shifts.

Gold is above $4,000. Silver is up over 75% year-to-date. Even platinum and palladium are surging. In this episode of The Commodity Exchange, hosts Mobeen Tahir and Nitesh Shah break down the precious metals rally and WisdomTree’s latest gold outlook. They explore what’s driving prices higher—from dollar depreciation and rate cuts, to policy risk, tariffs, and Fed credibility. Nitesh also shares updated scenario forecasts for gold, discusses silver market dynamics, and explains how supply deficits and substitution effects are supporting platinum and palladium.

Commodities are no longer a sideshow—they’re the story. In this episode of The Commodity Exchange, hosts Mobeen Tahir and Nitesh Shah discuss WisdomTree’s latest outlook and break down what’s driving markets in 2025. From record gold prices, copper volatility, and oil’s OPEC dynamics, to the impact of tariffs, central banks, and a softening dollar, they unpack the macro and geopolitical forces reshaping the commodities landscape.For EU investors only:Check out the full outlook here: https://www.wisdomtree.eu/en-gb/wisdomtree-outlookYou can follow our panellists on Twitter at:Nitesh: https://twitter.com/NiteshShahWTMobeen: https://twitter.com/MobeenTahirWT