This week on The Master Investor Podcast, Wilfred Frost sits down with one of the world’s foremost commodities experts, Jeff Currie. After nearly three decades building and leading commodities research at Goldman Sachs, Currie shares an unvarnished masterclass on why we are only in the "second or third inning of nine" of a generational commodity supercycle that will see hard assets crush tech and the dollar this decade. At the heart of Currie’s thesis is a simple but radical shift: mounting sovereign debt, financial repression and the debasement of currencies will drive investors away from traditional financial assets and towards gold, energy, agriculture and other hard assets. Currie explains his bold $10,000 gold forecast, why he would rather own gold than the dollar or pound sterling, and why central banks - particularly in emerging markets - are continuing to de-dollarize and accumulate gold. He reveals why he favours his “Munificent Seven” energy giants over tech’s Magnificent Seven - Exxon Mobil, Chevron, ConocoPhillips, BP, Shell, Total and Saudi Aramco - and explains why agriculture, uranium, critical minerals and other physical assets could all benefit from the same structural forces. He also offers a sharp critique of Bitcoin and crypto, and explains why he believes digital ledger technology is better suited to AI agents than humans. From the Iran War and extreme weather to droughts, El Niño and intervention in the bond market, Currie explains why the events of 2026 have only strengthened his conviction - and why he believes the great rotation into hard assets is still in its early stages. 0:00 Intro 2:23 Yields rising 4:00 Bessent intervention is financial repression 7:36 OWN GOLD 13:08 Not worried about gold pullback 18:36 Energy over Tech 23:30 Watch Diesel 27:02 China buying crude again 29:23 Crude reserves low 30:19 Recession risk underpriced 34:53 “Munificent 7” 36:53 Ag commods exploding 41:22 Buy any commod pullback 44:20 Recession risk to commods? 47:00 History suggests still early for commods 49:10 Iran hugely boosts commods bull case 52:43 Bearish Bitcoin 55:28 Post Goldman - Real Macro 56:50 Conclusion - Own all commodities Check out our podcast channel The Master Investor Podcast YouTube channel And follow @WilfredFrost on X and Linked In Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor, The World Gold Council and London Stock Exchange Group (LSEG). The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media. This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision.

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