Episode Details

Willem Middelkoop, founder and CEO of Commodity Discovery Fund, says the metals bull market reflects a structural shift driven by currency debasement and rising geopolitical risk. Speaking with Kitco Mining at the 2026 Vancouver Resource Investment Conference, Middelkoop rejected the idea that metals are in a bubble. “There’s not a bubble in the metals. There’s a bubble in the dollar,” he said.

Middelkoop said silver stands out due to persistent supply constraints and the risk of a short squeeze, while mining equities continue to lag physical metals. He noted that silver producers are trading at valuation levels last seen at the bottom of the previous cycle, suggesting substantial revaluation potential as the market progresses.

He also outlined how Commodity Discovery Fund is positioned across producers and development-stage companies, using option strategies to manage downside risk. Middelkoop said rising free cash flow across the sector could draw broader generalist capital into mining equities as the cycle matures.

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00:29 — Which Metal Surprised Willem Middelkoop Most
01:17 — Why Middelkoop Says a New Era for Metals Has Begun
03:13 — Silver Supply Deficits and Short Squeeze Risk
04:02 — Weaponization of Metals and Geopolitical Tensions
05:09 — Copper Breakout and Emerging Market Signals
07:20 — How Commodity Discovery Fund Is Positioning in Mining Stocks
14:49 — Sovereign Debt Risks and the Next Financial Crisis
17:59 — Final Thoughts on Volatility and the Metals Cycle
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