Copper steps out of the shadow of gold and silver in this wide‑ranging conversation with StoneX’s Natalie Scott-Gray and Summerhaven’s Kurt Nelson. Jeff digs into why “Dr. Copper” sits at the heart of electrification, AI data centers, EVs, and defense, and how underinvestment in mines, fragile supply chains from Chile to the DRC, and China’s […]
Category: Commodities
06
Apr
2026
Asset Class Scoreboard: March 2026
March 2026 brought a broad pullback across most asset classes to close out the first quarter. World Stocks fell -8.03% and U.S. Real Estate dropped -6.37%, while U.S. Stocks declined -4.93%. These losses pushed U.S. Stocks into negative territory for the year at -4.36%, while World Stocks held onto a slim +2.01% year-to-date gain despite […]
02
Apr
2026
Oil, War, and the Strait of Hormuz: What current events look like through the eyes of an energy trader
In this episode, Jeff Malec sits down with returning “resident oil guy” Brent Belote of Cayler Capital to unpack one of the wildest stretches in energy markets since COVID and Russia/Ukraine. They dig into recent oil volatility, geopolitical tensions in the Middle East, and why the Straits of Hormuz still matter more than most people […]
04
Mar
2026
A Short History of Market-Moving Middle East Conflicts
Every generation of investors learns the same lesson the hard way: Middle East conflicts spike oil and spook stocks, and then markets do whatever they want. Monday’s price action was a textbook example. US and Israeli strikes on Iran sent oil up 13%, stocks down, and bonds up in the overnight session. By the close? […]
26
Feb
2026
Carry, Calendar Spreads, and Climate: Bruce Sinclair on the Future of Grain Markets
In this episode of The Derivative, host Jeff Malec talks with South African grain spread trader Bruce Sinclair (Brent Trading) about how he went from a farming background to running a spread-focused commodities program trading Chicago grains from a remote game farm in South Africa. Bruce explains, in plain language, how carry and calendar spreads […]
19
Feb
2026
Going Nuclear: How Uranium is Powering Portfolios with Trevor Hall & Justin Huhn
In this episode of The Derivative, host Jeff Malec talks with uranium analyst Justin Huhn and mining and commodities commentator Trevor Hall of the Going Nuclear podcast about why uranium and nuclear power may be the most compelling long-term solution for clean baseload energy. They dig into the current uranium bull market, how AI and […]
22
Jan
2026
From Venezuelan Oil to Nuclear Frontiers: Navigating Resource Markets with Robert Mullin
This week on The Derivative, Jeff Malec is joined by seasoned resource investor Robert Mullin for a reality check on Venezuelan oil and the market narratives surrounding it. They dig into why headlines calling for cheap oil miss the point, what it actually takes to restart a broken energy system, and why “world’s largest reserves” […]
08
May
2025
Stacking Assets: Bitcoin, Gold, and the Future of Portfolio Diversification with David Dziekanski of Quantify Funds
This week on The Derivative: In this compelling episode, @David Dziekanski, founder of Quantify Funds, joins host Jeff Malec to unpack the fascinating world of Bitcoin and gold. Dive deep into the innovative BTGD ETF, which stacks 100% Bitcoin and 100% gold, and explore the cutting-edge concept of portable alpha. Dziekanski shares insights on why […]
24
Apr
2025
Podshops, Prices, and Physical Flows: A Commodity Trading Framework with Stephane Bernhard of CAM/ETG
In this episode, we dive deep into the world of commodity trading with Stephane Bernhard, CEO/CIO of CAM Multi-Strat Asset Management. Drawing from his 30+ years of experience starting at Louis Dreyfus through commodity trading house ETG, Stephane shares how commodity trading has evolved from pure fundamental analysis to today’s complex intersection of physical, financial, […]
13
Feb
2025
Unlocking the Commodity Risk Premium with Kurt Nelson of SummerHaven
Join us for an insightful exploration of the fascinating world of commodity futures with Kurt Nelson, co-founder and Managing Partner of SummerHaven Investment Management. Kurt shares his unique perspective, honed over decades of experience, on the rich history and evolution of commodity markets – from the Dojima Rice Exchange in 16th century Japan to the […]
