Saxo Market Call Venezuela is probably just the start. Market shrugs, though US oil majors cheer.
17 snips
Jan 5, 2026 
In this discussion, Ole Hansen, Head of Commodity Strategy at Saxo, delves into the geopolitical implications of the U.S. intervention in Venezuela and its ripple effects on global oil markets. He highlights the potential of Iran's sanctions being lifted to shake up energy prices even more. The conversation also covers the booming silver market and how geopolitical risks are driving demand for tangible assets like gold and silver, alongside the challenging dynamics of oil supply and recovery in Venezuela.
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Geopolitics Boosts Tight-Supply Assets
- Geopolitical risk is driving demand for tangible, tight-supply assets like silver and gold.
- Ole Hansen says recent events likely strengthened that demand and underpin the precious metals rally.
China And Margins Supported Silver Spike
- Chinese buying and export restrictions helped underpin the silver rally alongside margin changes at the CME.
- Ole Hansen notes margin increases were risk management after prices surged rapidly.
Align Margins To Price Moves
- Update risk management rules when prices move rapidly to reflect percentage-based exposure.
- Ole Hansen implies margins must catch up to fast rallies to control systemic risk.