[Recorded November 6th, 2026] - John Rubino, author and commentator on {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic and geopolitical forces at play, both domestically and internationally. We get John’s outlook on key commodities like gold, silver, copper, uranium, and oil; and what kinds of resource stocks that he is animated by in this environment. We start off dissecting how macroeconomic trends have shaped the pricing response in a number of sectors over the course of this year. Much of the US economic data seems robust – be it in jobs numbers, GDP growth, or manufacturing, but he points out the numbers need to be analyzed closely as they can be misleading. Under the surface it is really a direct result of government spending and A.I. datacenter buildouts that are masking the underlying issues in the rest of the economic data. Bonds and interest rates, have been key forces shaping markets all year, and he notes that the return of the bond vigilantes response to economic factors pushed rates higher which pressured the precious metals. Russian central bank selling of gold to fund their conflict in Ukraine and navigate trade sanctions has been another pressure on the monetary metals. John still believes will all the forces at work that gold is in a longer-term bull market that may be heading as high as $15,000 gold eventually. With regards to the gold and silver stocks, John is still utilizing low-ball “stink bids” to accumulate high-quality PM mining companies as their valuations drop. He points out that while Q4 is likely still going to be a very good earnings quarter for the quality gold and silver producers, and he is interested in accumulating positions he missed on the way up, or adding to existing positions in the better operators. Looking ahead to 2027, he does share the concern that when Q1 numbers get compared back to Q1 of 2026, that negative year-over-year comparables could pressure the miners at that time. John also points out looking at the potential smaller producers or advanced developers that may become merger and acquisition targets for the seniors. Due to increasing market risk, he is less animated by positioning in the earlier-stage explorers trying to make a discovery, but sees the rationale in adding to the highest quality advanced explorers during this pullback, due to their potential to see outsized gains in a reversal of market sentiment. Turning over to the sweep of the legislative branch by the Democrats: John points out that this will just enable even more runaway spending, and higher amounts of sovereign debt, until it becomes unserviceable by these higher interest rates. He sees that as being a positive for gold. There will be more policy pushback against the buildout of A.I. datacenters, but John points out that despite the reduction of overall demand, that there was not ever going to be a way to build out everything that was proposed anyway; due to limitations in power, water, and the raw materials necessary. This discussion on curtailed A.I. datacenters led into the weakness seen the last couple months in commodities tied into that narrative like copper and uranium. John points out that the longer-term bullish copper supply/demand fundamentals did not require the hyperscalers buildout of datacenters, but that clearly there has been sympathetic selling pressure as the AI trade has faded. He points out that regardless of that AI datacenters narrative that demand was already present just for the much-needed updates for the electric grid, and to accommodate the continued buildout of more EV charging stations and capacity. He also mentions the issues the mining sector has had in bringing more meaningful supply into the markets, as another factor underpinning a larger structural bull market in copper. John had many of the same comments with regards to uranium and nuclear power, which had constructive supply/demand fundamentals, before AI datacenters narrative were attached to the trends in trading. The demand was already present for more uranium than the industry is able to supply over the next 5 years, just for refueling the existing global fleet of nuclear power reactors, and all the additional reactors still under construction. With regards to copper and uranium stocks, he wants to look for producers that can grow production, or developers with projects of significance. Wrapping up we got John’s take on the traditional energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation. John believes it wise to have some exposure to oil stocks in one’s portfolio, for the higher dividends that get paid out, regardless of trying to anticipate the sector price trends. He is content to be in quality senior operators like Exxon and Occidental Petroleum, but is concerned about things can change suddenly due to geopolitical policies or crises. Click here to follow John’s analysis and articles over at Substack For more market commentary & interview summaries, subscribe to our Substack reports: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
