Aug 31, 2026 · 39 min
Copper’s long game collides with oil’s volatility
‘Extreme Volatility’ Ahead: Market’s ‘Most Mispriced Opportunity’ Revealed | Gianni Kovacevic
The conversation tests whether energy and metals investors can distinguish durable structural demand from speculative momentum and geopolitical noise.
- 1Oil and gas may be unusually mispriced despite geopolitical risks and the sector’s repeated history of reinvention.
- 2Copper’s outlook rests on broad electrification, rising energy use, EV adoption, and AI infrastructure—not data centers alone.
- 3Lithium’s collapse illustrates how speculative excess can obscure stronger commodity fundamentals and punish investors chasing momentum.
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Gianni Kovacevic contrasts lithium’s speculative collapse with copper’s broader, longer-lasting demand engine across electrification and rising energy use.
The brief
Gianni Kovacevic expects extreme market volatility and argues that oil and gas look particularly mispriced, even as geopolitical risks complicate the outlook.
Oil’s restrained prices amid disruptions expose how thin order books can amplify sudden moves, with consequences for stocks and the wider economy.
Kovacevic frames oil and gas as a repeatedly reinvented industry, while copper benefits from electrification, EVs, AI infrastructure, and rising energy use.
Lithium’s collapse after a speculative peak offers a warning: strong themes can still attract too much capital, distort prices, and test investor discipline.
China’s faster EV adoption highlights the importance of charging infrastructure and convenience, while the broader electrification cycle points to sustained copper demand.
The episode’s central investing lesson is patience: gold, silver, and other commodities can pause sharply without invalidating a long-term trend.