Sep 20, 2026 · 1h 12m
Boyer sees a metals bull market driven by structural demand
Outlook on 5 Key Commodities: Metals Bull Market is Just Getting Started (Gold, Copper, & Uranium) | Jérémie Boyer | Aurelion
The episode tests whether central-bank buying, nuclear expansion, and AI infrastructure can sustain gold, uranium, and copper while oil and fertilizer offer weaker risk-reward.
- 1Central-bank buying and geopolitical risk strengthen Aurelion’s bullish case for gold beyond a simple interest-rate framework.
- 2Nuclear expansion and energy security are turning uranium procurement into a strategic priority despite its small share of reactor costs.
- 3AI infrastructure, grid investment, and electrification could deepen copper deficits as new mine supply remains difficult to develop.
Don't miss
Boyer connects nuclear expansion and energy sovereignty to the need for countries and utilities to secure uranium supplies ahead of future demand.
The brief
Jérémie Boyer of Aurelion Research argues that gold, uranium, and copper share durable demand forces, while oil and fertilizer carry less attractive risk-reward.
Gold’s decoupling from oil leads Boyer to emphasize central-bank purchases, geopolitics, and monetary credibility rather than relying on interest rates alone.
The uranium case rests on nuclear expansion and energy security: utilities and countries may need to secure future supplies regardless of uranium’s share of reactor costs.
Copper becomes the clearest AI-linked supply challenge, as data centers, grids, and electrification raise demand while new mines take years to develop.
Aurelion translates these views into long-only equities, royalty businesses, and selective mining exposure, avoiding crowded or less compelling commodity trades.
What was said on this episode
23 statements · 15 positive · 5 negative · 3 neutral
AI has strengthened copper’s investment case.
“with ai it just become even better”
Listen at 0:31
Gold will return to approximately $5,000 per ounce.
“i don't see how it it won't go back to like 5k usd an ounce”
Listen at 2:21
Interest rates explain only about 30% of gold’s price story.
“maybe it's just like 30 of it”
Listen at 6:23
Geopolitical fears may influence gold as much as interest rates did historically.
“the more there's fears in geopolitics it can even play Maybe not bigger, but maybe even roll on like that rates in the past”
Listen at 6:49
Oil prices will not rise as much as current hype implies.
“the price won't go up as much as the hype would want to”
Listen at 30:02
Oil is unlikely to rise above $120 under current conditions.
“we're not going maybe over 120”
Listen at 32:18
Crack spreads may continue, allowing refiners to generate profits.
“the crack spread can continue and probably the refinance can generate money”
Listen at 32:37
Royalty companies are generally attractive businesses.
“I think usually royalties are amazing business.”
Listen at 34:41
Commodity royalties are a relatively safe investment approach.
“So I think royalties are a really safe way.”
Listen at 35:08
Royalty companies can trade at valuation premiums because they are less risky.
“they can trade at a premium because it's less risky”
Listen at 38:10
Royalty companies often have substantial private-equity ownership.
“they tend to have a big private equity ownership”
Listen at 41:53
Private-equity ownership creates uncertainty about future selling pressure.
“there's a risk of you don't know what they will do with their position”
Listen at 42:17
Limited share float can make royalty companies less volatile.
“It's less volatile because you would have less floating flow.”
Listen at 42:32
Nuclear expansion will create additional uranium demand.
“you can see that we will have a demand that is for sure”
Listen at 45:56
Multiple utilities seeking uranium from one mine would push producers to raise prices.
“if there's, unlike having like one buyer, there's 10 in the next five years that won the same. from the same mind. As a producer, you will say, okay, I'm just hiking price.”
Listen at 48:30
Uranium is a long-term investment story with limited downside risk.
“I think that it's a really long-term story and something that will be hard to go wrong”
Listen at 50:15
AI-related power demand requires nuclear plants to be built faster.
“Now, this needs to accelerate. They need to build them faster than new central.”
Listen at 50:58
AI demand and energy transition will contribute to a copper deficit.
“there is rising AI demand. We are in an energy transition. And this will within the deficit.”
Listen at 55:28
Global demand for copper will increase over the long term.
“over the long term, for sure, we will need more copper”
Listen at 57:10
Copper prices should continue rising.
“it's a market that should keep going”
Listen at 57:50
Developing a copper mine takes substantial time.
“it takes a lot of time to build a copper mine”
Listen at 58:02
Boyer considers Freeport a low-quality copper producer.
“I don't think it's good. Don't want to hate on them, but I don't think it's a quality producer.”
Listen at 1:01:00
Copper producers in less friendly jurisdictions may offer more upside.
“there's more upside when it's a less friendly jurisdiction”
Listen at 1:04:17
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.