Forward Guidance The End of Globalism, AI Acceleration & the Political Horseshoe | Alex Campbell
78 snips
Jan 14, 2026 Alex Campbell, Founder of Rose AI and former head of commodities at Bridgewater, shares insights on the evolving silver market driven by solar demand and supply constraints. He delves into the decline of globalism, advocating for resource nationalism amid shifting geopolitical landscapes. Campbell also discusses how AI acceleration demands significant computing resources, highlighting a mismatch between investment and actual supply. Finally, he uncovers the emerging political horseshoe, examining tariff strategies and China's critical trade leverage.
AI Snips
Chapters
Transcript
Episode notes
Silver Gains A Yield From Solar
- Silver demand is rising because solar panels now use significantly more silver, giving silver a quasi-yield as it gets embedded in energy infrastructure.
- Alex Campbell argues this creates structural supply-demand deficits that justify a bullish view over a six-month horizon.
Price-Insensitive Silver Supply
- Around 70% of silver is produced as a byproduct, so supply is largely price-inelastic and cannot quickly expand to meet rising demand.
- That structural inelasticity helps explain large physical-premium divergences and supports elevated prices despite speculative volatility.
Use Options To Manage Parabolic Moves
- Use options to capture directional upside while limiting downside during extreme rallies with high implied volatility.
- Sell overpriced calls to finance nearer-term directional bets and reduce delta exposure as prices move up.