Gregory Shearer

In this enlightening discussion, Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, shares his insights on commodity market dynamics. He explores the implications of the Fed's rate cuts and the diverse outcomes they might produce. Shearer highlights the risks of recession and inflation, drawing connections between these factors and commodity performance. The duo also looks at historical trends, emphasizing how a robust growth environment could significantly boost returns in commodities like gold and energy.

Joined by Greg Shearer, Head of Base & Precious Metals Research, and Otar Dgebuadze, a Natural Gas analyst, the discussion dives into the intriguing dynamics of global commodities. Shearer predicts gold may soar to $5,000 by 2026, driven by surging demand, and shares bullish insights on copper, projecting prices around $12,500. Dgebuadze offers a bearish outlook for U.S. natural gas, with prices averaging $3.74/MMBtu due to oversupply. Both experts unveil a ‘crocodile cycle’ that marks a departure from traditional commodity trends.

Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, dives into 2026's thrilling metals outlook. He forecasts gold soaring to $5,000/oz, driven by central bank buying and ETF inflows. The discussion also highlights copper’s impending tightness, with prices set to rise towards $12,500/mt due to supply disruptions. Shearer reviews silver and platinum trends, while cautioning about risks affecting gold, including rate sensitivity and demand fluctuations. A wealth of insights for investors and enthusiasts exploring the metal markets!