Jeff Currie on the Crazy Surge in Metals, And Why The Supercycle Has Years to Run
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 30 January 2026
⏱️ 40 minutes
🧾️ Download transcript
Summary
The big story this year is the surge in metals. And it's really all metals. The ultimate industrial metal, copper, has been on a massive tear, but so has gold, which has very few industrial uses. And then, of course, silver has seen a blistering rally, in part due to massive buying in China. On this episode, we bring back the man who saw this coming years ago, Carlyle partner Jeff Currie. Prior to joining Carlyle, Currie was a top commodities analyst at Goldman Sachs, and has been calling for the emergence of a brand new supercycle for years now. In this episode, he explains the drivers of this supercycle, and why he thinks we're in the very early days of what will be a multi-year run.
Read more:
Gold Retreats in Sudden Selloff After Breaking Through $5,500
China’s Metals Mania Sends Copper Soaring Past $14,500 a Ton
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Transcript
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| 0:00.0 | Markets move fast. |
| 0:01.7 | Get the insights you need in 10 minutes with Barclays Brief, |
| 0:04.8 | a podcast from Barclays Investment Bank. |
| 0:07.1 | Each week, our experts analyze market themes, |
| 0:09.7 | helping you anticipate what's next. |
| 0:11.6 | Listen to Barclay's Brief wherever you get your podcasts. |
| 0:17.5 | Bloomberg Audio Studios, |
| 0:20.0 | Podcastss Radio News |
| 0:22.4 | Hello and welcome to another episode of the Odd Lots podcast. |
| 0:37.2 | I'm Joe Wisenthall. |
| 0:38.7 | And I'm Tracy Allaway. |
| 0:40.1 | Tracy Metals. |
| 0:42.3 | That's it. That's the episode. |
| 0:44.3 | It's the title. |
| 0:45.0 | No, you're right. |
| 0:45.9 | There's a lot happening in the metals space. |
| 0:48.5 | So we have gold above 5,500 an ounce, which is a record. |
| 0:52.9 | We have silver above $120 an ounce, also a record. And now we have copper at over $14,400 a ton. |
| 1:03.0 | Yeah. So this is something that's super interesting to me. And I think it's a very important to mention, which is that copper is the ultimate industrial metal, right? And for, you know, |
| 1:13.0 | Dr. Copper tells us about the economy. Probably a little overstated its reputation, |
| 1:17.5 | but it's the ultimate industrial metal. Gold is the ultimate metal with no industrial uses, |
| 1:22.8 | right? It's primarily a store of value, a sort of a form of money that's existed for thousands of years. |
... |
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