Recorded on March 12 2026
Steve Yang sits down with Tavi Costa of Azuria Capital for a deep macro conversation on where the next hard asset cycle may be heading. Tavi explains why he believes a weaker dollar, suppressed rates, and years of underinvestment are creating a powerful backdrop for commodities, mining, energy, and agriculture. He lays out why energy could lead before food follows, why natural gas remains critical for rising electricity demand and data centers, and why he still sees major upside in hard assets over the next 5 to 10 years. The discussion also dives into twin deficits, treasury demand, gold, silver, mining equities, Latin America, Brazilian opportunities, and the way he is thinking about deploying capital right now. If you follow macro investing, natural resources, mining stocks, oil, natural gas, and agricultural themes, this interview is packed with ideas worth thinking through. Like, subscribe, and ring the bell. #Millettian
Key topics
Commodity rotation and why energy may lead before agriculture
Why lower rates may be forced by interest expense
The weaker dollar thesis and hard asset tailwinds
Gold silver and inflationary assets
Why energy is bigger than a geopolitical headline
Natural gas and the AI electricity demand story
Mining equities mid caps juniors and derivatives
Latin America Brazil and where Tavi sees value
Guest links
Website https://azuriacapital.com
Research https://tavicosta.substack.com
Host Steve Yang Natural Resource Stocks
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Chapters
00:00 Cold open
01:55 Introduction
02:39 Commodity rotation and hard assets
03:44 Why energy may lead before agriculture
05:49 CapEx drought and constrained supply
08:45 Why rates likely go lower
13:11 Weaker dollar and hard asset setup
17:34 Gold silver and policy pressure
21:42 Energy beyond geopolitics
28:18 What Tavi likes right now
31:36 Mid caps juniors and options
35:03 What Azuria Capital is building
38:26 Best way to think about corn
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