Weekend Show - Darrell Fletcher & Josef Schachter - Commodities 2025 Recap and 2026 Outlook: Silver Mania, Metal Rotation & an Oil Rebound

Jan 3, 2026

Join Darrell Fletcher, a seasoned commodities trader at Bannockburn Capital Markets, and Josef Schachter, founder of the Schachter Energy Report, as they dive into the thrilling world of commodities. They dissect the remarkable performances of gold and silver in 2025, highlighting the shift toward hard assets. The duo also explores the oil market's struggles, identifying promising opportunities in stock picking despite a challenging year. They offer insights into the bullish outlook for 2026, potential rebounds in oil, and the ongoing evolution in energy markets.

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INSIGHT

Metals Completely Led 2025

Precious metals led commodities in 2025 with outsized gains, driven by both fundamentals and momentum.
Darrell Fletcher says gold drove a rotation into hard assets while silver amplified the move due to its smaller market and industrial demand.

INSIGHT

Macro Drivers Behind Metal Rally

Fundamentals driving metals include heavy debt, rotation from bonds, and a valuation gap versus equities.
Fletcher sees this as an early innings shift into hard assets and longer commodity bull-cycle potential.

INSIGHT

Gold Versus Equities Repricing

Gold's valuation relative to equities is at multi-year highs, signaling a reallocation into hard assets.
Fletcher warns that big 2025 moves may already price some 2026 gains, requiring critical analysis going forward.

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The first KE Report Weekend Show of 2026 sets the stage for a year that could look very different across commodities and energy markets. The show explores how precious metals captured investor attention after a volatile end to 2025, why sentiment toward hard assets appears to be shifting, and what that could mean as the new year unfolds. The conversation then pivots to oil and natural gas, examining how a weak commodity tape contrasted with resilient equity performance and why select opportunities may be emerging beneath the surface. Overall, the show focuses on big-picture trends, market psychology, and how investors might think about positioning for 2026 amid ongoing volatility and changing fundamentals.

Segment 1 & 2 - Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins the KE Report Weekend Show to break down the explosive 2025 performance in metals - led by gold then silver - discussing fundamentals versus momentum, valuation shifts toward hard assets, index rebalancing volatility, and what these historic moves could mean for commodities heading into 2026.
Click here to learn more about Bannockburn Capital Markets - https://www.bannockburnglobal.com/

Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report and author of the Eye on Energy report, wraps up the show recapping a difficult 2025 for oil while highlighting how selective stock picking still produced strong gains. He outlines a bullish 2026 outlook, covering oil and natural gas price expectations, undervalued Canadian energy equities, dividend and growth opportunities, and the impact of LNG expansion and M&A across the sector.
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/

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Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.