Darrell Fletcher Managing Director of Commodities at Bannockburn Capital Markets joins host Steve Yang to break down why metals have broken away from energy and what that means for investors heading into 2026. With more than twenty five years of experience navigating volatile commodity markets Darrell focuses on real trading flows hedging behavior and how large players are actually positioned rather than just headline narratives.
In this interview Darrell explains why precious metals and copper are leading the commodity complex while crude oil and natural gas have lagged and how that leadership ties directly into tariffs energy transition policy and the build out of the global power grid. He lays out why gold and silver are behaving like core safe assets why capital starvation in mining has reset floors higher across the metals space and why he expects metals that provide energy to sit at the center of the next cycle.
We dig into natural gas and the grid with Darrell arguing that years of underinvestment in gas fired infrastructure in the United States and the growth of LNG exports give gas a constructive long term story even if the path is volatile. He also details how tariffs have distorted flows in aluminum and copper pushed US aluminum premiums to records and created pockets of extreme volatility without changing the underlying need for metals in the energy system.
Along the way Darrell walks through the biggest mistakes he sees investors make in commodities from chasing parabolic moves after they happen to ignoring the difference between price action and positioning. If you care about where gold silver copper oil and natural gas are really headed and you want a grounded view based on hedging desks and real demand not hype this conversation will help you think like a risk manager not a tourist.
The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks.
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Guest
Darrell Fletcher Managing Director of Commodities Bannockburn Capital Markets
Bannockburn Capital Markets website: https://www.bannockburnglobal.com
