Insights

Lithium has surged back into the spotlight, with prices rising more than 125% over the past year as demand broadens beyond electric vehicles and governments begin treating the metal as a strategic resource. With supply disruptions, new policy tools and explosive growth in grid-scale energy storage, lithium is increasingly being repriced not just as a commodity, but as critical infrastructure.

Copper is breaking free from its old “Dr. Copper” reputation as strategic demand from electrification, AI infrastructure and defense drives prices and mining stocks toward record highs. With copper supply tight and demand increasingly mission-critical, the metal is being repriced as essential infrastructure.

Critical materials are being repriced as strategic assets in a new commodity supercycle driven by deglobalization, fiscal dominance and energy security, not traditional cyclical demand. As global investment pivots toward electrification and secure supply chains, SETM and METL provide targeted exposure to the companies positioned at the center of this structural shift.

For nearly three decades, Justin Tolman has chased discovery across more than 40 countries, applying boots-on-the-ground geology to transform mineral potential into economic value. Discover how a “renaissance geologist” transforms field insight into differentiated investment intelligence in a world where demand for precious metals and critical minerals is only accelerating.

Gold and silver surged to record highs in January before experiencing technically driven sell-offs. Geopolitical fragmentation, capital conflict and eroding confidence in fiat systems is reshaping what investors consider truly safe. In this emerging monetary regime, gold and silver are asserting their roles as neutral, "outside money" with strong long-term drivers.

Uranium enters 2026 with renewed momentum as spot prices move back above $100/lb, mining equities reprice materially, and utility demand re-emerges following prolonged under-contracting. Strengthening U.S. policy support and tightening supply conditions reinforce the case for higher incentive pricing and potential upside across physical uranium and mining equities.

Copper’s record run is being driven by tightening supply, strategic demand and rising policy risk, setting up a strong outlook for 2026. Major disruptions and collapsing treatment charges highlight a market firmly in deficit. With AI growth, defense spending and grid modernization accelerating demand, we believe copper and related equities remain well supported.

What are the 10 most important themes impacting global markets in 2026? We explore issues from deglobalization and fiscal dominance to the surge in gold, silver and critical materials, and provide our view of where opportunities and risks may be emerging.