Episode Details

Recording date: 19th June 2026

Samuel Pelaez and Derek Macpherson of Olive Resource Capital make the case that the commodity bull market remains intact despite near-term volatility — and explain exactly how they are positioning for it.

The pair cover the latest developments in the Strait of Hormuz, where a US-Iran term sheet has eased but not eliminated geopolitical risk, and assess what a structurally different Federal Reserve under new Chair Kevin Warsh means for industrial commodity demand. With crude pulling back toward $80 a barrel, Olive Resource Capital has been adding to oil and gas exposure. Takeover proceeds are being redeployed into small and mid-cap copper producers and explorers, with AI-driven data centre construction cited as a durable demand driver the market is underappreciating. Gold fundamentals remain intact, supported by expected central bank net buying and persistent global fiscal deficits.

The discussion closes with a candid look at portfolio discipline - why entry points matter as much as stock selection, and why the firm is carrying above-average cash while waiting for risk to reprice.

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