Gold's path to $5,000 is open as a $40T debt burden hits bonds, while 70% of exchange copper risks being stranded in the U.S. Ole Hansen, Head of Commodity Strategy at Saxo Bank, joins Jeremy Szafron to break down the severe dislocations happening across physical metals and sovereign debt.
Hansen explains why gold is rallying despite 30-year Treasury yields sitting at multi-year highs, arguing that investors are demanding a premium to hold long-term government paper. In the base metals market, Hansen breaks down the massive $535 LME copper backwardation, warning that tech hyperscalers building AI data centers are now competing directly with governments for capital. He also provides an updated outlook on silver's structural deficit, mining supply constraints, and exact portfolio allocation targets for hard assets.
Recorded August 18th 2026
Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
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Follow Ole S Hansen on X: @Ole_S_Hansen (https://twitter.com/Ole_S_Hansen)
TIMESTAMPS:
00:00 - Gold Defies Surging Yields
01:28 - The Copper Backwardation Shock
04:04 - Why Half the World's Copper Is Stranded in the US
07:34 - The Prompt-Date Squeeze and LME Risk
10:20 - The Aluminum Inventory Mystery
11:56 - Why Copper Supply Can't Keep Up
16:53 - AI Is Replacing Housing as Copper's Driver
21:58 - Crowded Trades and the Pullback Risk
25:29 - Copper's Shortage of Metal, Gold's Shortage of Trust
27:04 - Why Gold Rises as Real Yields Surge
31:17 - Gold's Path to $5,000 by Year-End
32:55 - Silver's Deficit and Violent Swings
36:25 - If He Could Own Just One Metal
40:34 - What Would Break the Copper Bull Case
#Gold #Copper #Commodities #Macro #Investing #SaxoBank #OleHansen #Silver #AI #LME #KitcoNews
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Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
