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Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben

as they talk about what they're reading,

writing, and watching. All opinions expressed by Michael and Ben are solely their own opinion

and do not reflect the opinion of Ridholt's wealth management. This podcast is for informational

purposes only and should not be relied upon for any investment decisions. Clients of

Ridholt's wealth management may maintain positions in the

securities discussed in this podcast. Welcome to Animal Spirits with Michael and Ben.

Michael, admittedly, the commodities market is not something that I understand. Like, I don't have a

good feel for it. Dude, supply, demand, curves. Come on. But that's the, that is the thing, is it supply and demand. But I've been watching Landman lately, okay? And Landman does not constitute reality, but they're talking about how there's this huge oil energy boom. And I'm looking at it and thinking, you know- Oh, whoa, no spoilers. I'm an episode behind. Okay. I'm still catching up too. But oil has been 60-ish dollars a barrel for a while. It's not like oil is, remember people said, it's going to go to $200 of barrelers. And you think, well, wouldn't that have to be the case that oil would have to go really high for this to make sense for people to be making hand over fist. But we talked to Sal Gilberti from

Tukryom today, and he said, have to go really high for this to make sense for people to be making hand over fist.

But we talked to Sal Gilberti from Tukrium today. And he said, no, no, no, that's not what you want. You don't want like crazy volatile spiking prices. You want relatively stable prices. And I think that's what we've had because obviously that gives you, it makes it easier for you to plan. It makes it easy. even if you're making not as much money as you would at higher prices,

it's the planning, right?

And you don't have these huge crashes and like we had in COVID and these huge spikes that we had in 2022. The flat in commodities or the not going very not going anywhere is probably better for your business planning. That's right. And we get into all... That's what Billy Bob would tell you. That's right. So anyway, we've talked to Sal a number of times over the years about agriculture. Today we're going to talk about crypto and how that's like a commodity as well. So here's our talk with Sal Gilberti, who is the founder, CEO of Tuprium. Sal, welcome back to the show.

Thanks.

Great to be here always to you guys.

All right.

Commodities.

I feel like people only want to talk about them when they're spiking.

And otherwise, it's sort of like out of sight, out of mind.

Like, for example, crude oil is about to break. Well, maybe it will, maybe it won't, but it is sitting on right at multi-year lows. And my God, this chart does not look pretty. This looks like it's going to go a lot lower, but who knows? What is the story with oil markets? Like, I feel like it's not getting a lot of attention. at least, I don't know, I'm not hearing about it. What's the story here? You're not because there's plenty of oil and people don't panic anymore. So it used to be, you know, with the whole thing that's going on now with Venezuela, as well as a big oil producer, not as much as they were, but they did. And people hear about attacks and military tax. Somebody else fills the void. And notably, the U.S. fills the void.

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