Outlook on 5 Key Commodities: Metals Bull Market is Just Getting Started (Gold, Copper, & Uranium) | Jérémie Boyer | Aurelion

September 20, 2026

AI Summary

5 min read

Jérémie Boyer, co-founder of Aurelion Research, sees the metals bull market as still in its early innings. In a conversation with Max Wasty on Monetary Matters, Boyer laid out his firm’s highest-conviction calls across five key commodities. The core argument is that gold has decoupled from its traditional drivers, copper is entering a structural deficit accelerated by AI, and uranium is finally seeing real demand from governments that are serious about nuclear energy. On the other side, Boyer is bearish on oil and fertilizer, arguing that the market is adapting to supply disruptions and that speculative premiums are unsustainable.

Gold: A New Regime Beyond Real Rates

Boyer’s strongest conviction is on gold, which he believes will reach $5,000 per ounce. This is not a simple extrapolation of inflation fears. The critical shift, he explains, is that gold has decoupled from its traditional relationship with real interest rates. “In the past two years we had so many conflicts and geopolitics that I don't always even look at the rates to check gold,” Boyer says. He now estimates that rates account for only about 30% of the price action.

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

Listen to Audio Summary Open in App

Never miss an episode of Monetary Matters with Jack Farley

Get every new episode summarized in your inbox — free, ~5 minutes to read.

No spam. Unsubscribe anytime.

What you'll learn

1 (02:16) **Most High-Conviction Call: Gold to $5,000** - Boyer states his strongest view is gold, seeing no path for it to stop below $5,000/oz.
2 (05:46) **Why Gold Has Decoupled from Real Rates** - Boyer explains that traditional models are broken for the current gold market.
3 (09:24) **Positioning and Portfolio Sizing for Gold** - The discussion moves to how Aurelion implements its bullish view.
4 (12:28) **Timing Mining Bats and Managing Speculative Excess** - Boyer explains the discipline behind their recent exit and re-entry into gold miners.
5 (16:26) **Contrarian View: Bearish on Oil and Fertilizer** - Boyer outlines why Aurelion is bearish on these two strong-performing commodities.
6 (19:02) **The China Factor as a Bearish Oil Catalyst** - Boyer details why China is the "Mendestrian" that oil bulls are ignoring.
7 (24:51) **The Only Bullish Oil Scenario: US Boots on the Ground** - Boyer defines the single event that would change their bearish oil view.

+ Full timestamped outline available in the app

Show Notes

Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login

Jérémie Boyer, co-founder of Aurelion Research, joins OPM to give his outlook for 5 key commodities. He explains why after avoiding earlier downside volatility in gold he just got the buy signal he’s been waiting for, and why the longer-term AI driven bull thesis on copper is very real and happening now. He also gives his outlook for uranium, fertilizer, and oil and discusses how he and his partner turn commodity views into a portfolio of equities that is up over 100% since inception a little over 1-year ago.

Aurelion Research: https://aurelionresearch.com/

Follow Aurelion Research on X: https://x.com/AurelionRsch

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

JFMW Partners LLC (“Promoter”) is providing this endorsement of, and information related to, the advisory services offered by Namsoft Advisors LLC ("Namsoft"). Promoter is not a current client or investor in any Namsoft advisory account or private fund. Promoter receives cash compensation from Namsoft in the form of a flat referral fee of $750 for each client that engages Namsoft as a result of Promoter's promotional activities. Because Promoter is compensated for this endorsement, a material conflict of interest exists, as Promoter has a financial incentive to promote Namsoft's services to you. This endorsement is delivered as part of a podcast or other audio program produced by Promoter and does not constitute investment advice or a recommendation that any particular advisory arrangement is suitable for you.

Timestamps:

00:00 Intro

02:16 Why Gold Could Hit 5K

05:45 Geopolitics Over Rates

09:24 Portfolio Positioning

12:28 Managing Miner Cycles

16:26 Plutus

18:26 Bearish Oil & Fertilizer

20:28 Oil Thesis & China Inventories

33:23 Royalties as Exposure

36:07 Valuing Royalty Companies

42:48 Why Uranium Now

46:10 Uranium Contracts & Supply

51:10 Energy Security and Nuclear Buildout

54:31 Copper Bull Case in AI Era

01:00:05 Picking Copper Stocks

01:06:43 Five Commodities Recap

01:11:26 Closing and Where to Follow