
The HC Commodities Podcast The Great Repricing with Jeff Currie
Jan 28, 2026
Jeff Currie, commodities and macro markets expert now working in private markets at Carlisle, offers a sharp take on metals' surge versus weak hydrocarbons. He discusses whether apparent gluts are political illusions, the risk of a big macro repricing, tech firms becoming asset-heavy, and how policy and geopolitics have reshaped supply and markets.
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Demand Resilience Signals Inflation Risk
- Commodity demand has held up stronger than many expected despite political shocks and tariff fears.
- That resilience raises the macro risk of renewed inflationary pressures in 2026.
Metals Up, Molecules Lag — Inflation Hidden
- Metals with atomic numbers (gold, copper, silver) have surged while hydrocarbons (molecules) lag.
- Molecules drive inflation, so weak oil and food prices mask broader inflation risks if they reverse.
Three Turbocharged Drivers Persist
- The 2020 supercycle thesis rested on deglobalization, decarbonization and redistribution.
- Those drivers remain turbocharged and continue to push commodity demand higher long-term.







