Goldman’s Currie Sees Tell-Tale Signs of Commodity Super Cycle

The video discusses the relationship between Bitcoin and commodities, highlighting Bitcoin's similarity to copper as a risk-on asset. It explores the potential for a super cycle in copper, driven by economic trends similar to those in the early 2000s. The discussion shifts to a structural bull market in commodities, emphasizing underinvestment and policy-driven demand. The oil market is analyzed, focusing on backwardation and future demand. Finally, strategies for investing in global commodities, including ESG considerations, are presented.

How is Bitcoin viewed in relation to commodities like copper and gold?

• As a defensive asset like gold

• As a risk-off asset similar to bonds

• As a stable currency with no correlation to commodities

• As a retail inflation hedge with a correlation to copper

What are the signs of a potential super cycle in the commodity market?

• Decreasing global FX reserves and high dollar value

• Stagnant global trade and low demand for durable goods

• Multiyear highs in metal prices and increasing global trade

• Decreasing oil prices and stable metal prices

What are the reasons for being bullish on commodities?

• High investment in the old economy and decreasing demand

• Structural underinvestment and policy-driven demand

• Stable oil prices and low ESG impact

• Decreasing global trade and high dollar value

How does the green capex boom compare to past economic cycles?

• It is not comparable to any past economic cycles

• It is larger than the 1970s cycle but smaller than the 2000s

• It is larger than both the 1970s and 2000s cycles

• It is smaller than the 1970s cycle but similar to the 2000s

What is the expected impact of the vaccine trade on oil demand?

• Decrease in oil demand due to reduced travel

• Increase in oil demand as people return to air travel

• Immediate increase in oil supply

• No impact on oil demand

What is the current state of backwardation in the oil market?

• Only WTI is in backwardation, not Brent

• Neither Brent nor WTI is in backwardation

• Only Brent is in backwardation, not WTI

• Both Brent and WTI are in backwardation

What is the future outlook for US oil production?

• Rapid growth expected in the next year

• Stable production with focus on shareholder returns

• Significant decline in production

• Immediate increase to 12 million barrels per day