G&R Blog
G&R Blog

Latest Posts

On Commodities, Carry Regimes & Changes in Global Monetary Regimes
Natural resource equities are primed for a comeback. With commodities deeply undervalued vs. stocks, fresh research suggests the long-dormant bull market may be stirring. Explore our latest research to learn more.
April 1, 2025
Podcast: Adam Rozencwajg on Commodities, Nuclear Power, and Gold
Adam Rozencwajg joined Grant Williams to discuss commodity markets, nuclear power's potential, the limitations of U.S. shale, and gold's role in the shifting global economy.
March 21, 2025
Podcast: Doomsday Clock Ticks - Are We Close to a Monetary Shift?
Explore the potential for a significant monetary regime shift and its impact on global commodity dynamics in this insightful podcast discussion.
March 11, 2025
Podcast: Gold Cycle Just Starting, Plus Silver and Uranium Outlook
Is gold poised for a breakout? Explore its market cycle, price potential, and a looming monetary shift. Plus, insights on silver, uranium, and the catalysts shaping the economy. Listen to this podcast with Adam Rozencwajg on Investing News Network.
February 28, 2025
The Curious Case of Chinese Copper Consumption
Copper Market Update: Despite strong demand, signs like China's overconsumption & rising exchange inventories suggest future challenges. Read more on shifting trends & their impact on copper's long-term outlook.
February 21, 2025
Precious Metals: The Return of the West
Gold is surging, but investors aren’t paying attention. With ETFs flipping to net buying and equities undervalued, is this a golden opportunity?
February 13, 2025
Podcast: Peak Oil Arrives in the US Shale Patch. Are You Ready?
Adam joined Peak Prosperity podcast to offer a contrarian investing perspective, showing how spotting false narratives—especially in the undervalued oil sector—reveals overlooked risks & opportunities shaped by geological limits, not just technology.
February 5, 2025
Podcast: Gold’s Revival, Uranium’s Surge, & Oil’s Hidden Value
Goehring & Rozencwajg joined Jesse Day of VRIC Media to discuss key commodity trends. They highlight gold’s rising appeal, uranium’s growth amid a nuclear revival, oil’s undervaluation, and a less bullish outlook for copper. Insightful takeaways for investors. Listen Now.
January 31, 2025
A New Dawn for Nuclear Power
Nuclear power is making a comeback as tech giants like Microsoft, Google, and Amazon invest in small modular reactors (SMRs) and nuclear-powered data centers. Learn how this is reshaping clean energy and driving uranium demand.
January 23, 2025
Podcast: Capital Cycles, EVs, & Commodity Investing with Adam Rozencwajg
Adam Rozencwajg joins The Value Perspective Podcast to discuss G&R’s deep value approach to commodities, the role of platinum, palladium & uranium in the energy transition, and applying probabilistic thinking to uncover investment opportunities.
January 16, 2025
Natural Resources Market Commentary - Q3 2024
Q3 2024 natural resources saw volatility: Natural gas inventories fell, oil faced a contrarian opportunity, coal stocks rebounded, precious metals surged, uranium saw supply concerns & agriculture/metal markets hinted at shifts. Read in-depth analysis.
January 9, 2025
Natural Resource Investors - Top 3 Blog Posts of 2024
As Natural Resource Investors, we keep you informed on key trends in commodities and natural resources. In 2024, we focused on "Geopolitics, War, and Commodities." Here’s a look back at our three most popular blog posts of the year.
January 3, 2025
The Depletion Paradox
U.S. shale production may have peaked in late 2023, with declines in both oil and gas output. Despite optimism, the downturn is driven by geological limits, not just market or policy factors. Advanced AI models suggest the shale boom is over.
December 20, 2024
Uranium vs. Copper: Which one is the Better Long-Term Investment?
In 2016, we were bullish on copper due to its role in renewables. However, we now believe renewables' lower efficiency will limit copper demand. In contrast, uranium, especially small modular reactors, potentially offers a better long-term investment. Read more.
December 13, 2024
[Interview] Leigh Goehring: Gold’s Bull Market Begins; Uranium & Copper Outlook
Leigh Goehring predicts gold could rise up to $25K per ounce, driven by massive money printing since the 2008 crisis. He also sees gold stocks as "radically undervalued" and shares a contrarian view on copper demand. Watch his full interview with Investing News Network.
November 21, 2024
Uranium: A Drama in the Making
Kazatomprom, the world’s largest uranium producer, faces major production setbacks, cutting 2024 targets & casting doubt on 2025 goals. With global uranium supply already in deficit, we expect market volatility. Meanwhile, Australia reconsiders nuclear power—demand for uranium is set to soar.
November 14, 2024
US Natural Gas Production is Plummeting
US natural gas production is plummeting. Despite delays affecting short-term demand, our medium-term outlook is unchanged. U.S. natural gas is the cheapest energy source globally, trading at an 84% discount. As new LNG demand rises and production lags, inventories will tighten, pushing prices up. This presents a unique investment opportunity.
November 7, 2024
Natural Resources Market Commentary
A quick overview of the Natural Resources Market in Q2 2024: Investors showed minimal interest in commodities and natural resource equities during the second quarter. The A.I. craze continues to dominate the market, with substantial capital flows into the tech sector. The investment public can hardly focus on anything else. Despite this overall indifference, certain commodities demonstrated significant strength during the quarter.
October 8, 2024
Trump's Three Arrows
President Trump has promised to cut energy costs through increased drilling if re-elected. However, our analysis shows that geological limitations make this goal unrealistic, and history proves that the rocks, not political promises, dictate production.
October 2, 2024
Gold Stocks Have Never Been Cheaper
We believe the present moment offers a golden opportunity to invest in gold stocks, unmatched by any other period in the history of the gold market. The confluence of high gold prices, strong profit margins, and investor apathy creates an investment opportunity in gold stocks that is as compelling as any seen in the history of the gold market. We encourage investors to capitalize on this unique moment - as the potential returns from gold equities are currently unmatched by any other investment in the commodities sector.
September 13, 2024
What is the Cost of Being Early?
We explored the relationship between commodities and stocks back to 1900, creating our own commodity total return index. Our findings reveal distinct cycles of undervaluation and opportunity for commodities compared to equities. Learn more.
September 9, 2024
Uranium Markets: A Drama in the Making
Mark your calendars for August 25th when Kazatomprom, the top uranium producer, will reveal its 2025 production plans alongside half-year financial results. This announcement will have a significant impact on the uranium markets, given Kazatomprom's global influence. In 2022, Kazatomprom produced nearly 55 million pounds of uranium, representing almost 45% of the world's supply. Curious to read more?
August 30, 2024
What Can GAAP Accounting Teach Us About the Energy Transition?
Just as the SEC set the standard with GAAP in 1970 to bring order to financial reporting post-Great Depression, the accurate calculation of returns is equally vital for the future energy landscape. Professor Hall, a pioneer in EROI studies, is spearheading efforts to adhere to GAAP-like principles for energy calculations to help us better navigate the energy transition and ensure that investments yield sustainable, long-term returns.
August 15, 2024
That Took Awhile - Somebody Finally Recognizes the Dangers of the IEA
Finally, someone recognized the IEA's dangers & the false energy security vs. climate change dichotomy. The IEA neglects viable solutions like natural gas & nuclear power, pushing policies that may cause the next energy crisis. But awareness is growing.
August 8, 2024
Remembering the Massive Crude Bull Markets of the 1970s and 2000s
Hubbert's peak oil theory accurately predicted oil market surges in the 1970s and 2000s. Leveraging these insights, G&R highlights the potential for a similar bull market today.
August 1, 2024
[Interview] Leigh Goehring On The Present State of The Energy Markets
Leigh Goehring, Managing Partner of Goehring & Rozencwajg, joined Daniel Insights to discuss the current state of investing in the energy markets.
July 26, 2024
[Interview] Monetary System Revolution on The Horizon with Adam Rozencwajg and WTFinance
Adam Rozencwajg joined the WTFinance podcast to discuss the undervaluation of energy markets, focusing on US LNG and touching on Uranium & precious metals.
July 18, 2024
We Believe the Turn in North American Natural Gas is Here
We turned bullish on the North American natural gas market in 2020. Despite recent setbacks, our research indicates a potentially stronger rally ahead. We believe the turn in natural gas is here.
July 10, 2024
[Interview] Commodities and Geo-Political Risks with Rozencwajg and Yra Harris
A discussion on Commodities and Geo-Political risks: Rozencwajg stated, "Demand has remained very strong throughout 2023 and into 2024 on a global basis, catching many people off guard." We invite you to watch the full interview.
June 27, 2024
[Interview] Gold's Bull Run: Just Getting Started?
During an interview with KITCO News, Rozencwajg delves deep into the intricate dynamics of the precious metals market. Watch "Gold's Bull Run: Just Getting Started?".
June 24, 2024
[Interview] Commodities Have 'Never, Ever' Been More Undervalued Than Today
Leigh Goehring joined the Commodity Culture podcast to discuss why NOW IS THE TIME TO DIVE INTO COMMODITIES, as they are currently at their most undervalued state in market history. Watch the full interview.
May 29, 2024
[Podcast] MacroVoices - AI Demand, Energy & Precious Metals
Adam Rozencwajg, Managing Partner at G&R, recently joined the MacroVoices podcast, hosted by Erik Townsend and Patrick Ceresna, to provide insightful updates on the energy markets, precious metals and much more.
May 23, 2024
Grain Traders Approach Record Bearish Levels
We believe the current market positioning strongly suggests that grain prices are poised to enter a potentially massive bull market, signaling the possible end to the eighteen-month downturn. It's a strategic moment for investors to align their positions accordingly and potentially capitalize on the impending opportunities. Read more.
May 22, 2024
[Interview] Valuable Insights on Investing in Gold, Silver & Bitcoin
Where does G&R stand on Bitcoin? Does Bitcoin deserve a place in a diversified portfolio along with gold? Adam Rozencwajg, CFA, answers these questions and many more on investing in gold, silver and bitcoin during a Grizzle Hard Money conference.
May 8, 2024
New Copper Technologies
In 2023, copper demand grew by 7.3% mainly driven by non-OECD countries like China, India, and Indonesia. The industry is evolving with new technologies like Ivanhoe Electric's Typhoon survey and I-ROX, leading to an investment boom. The discovery of deposits like Ivanhoe Mines' Western Forelands in the DRC is boosting global copper supply, fueling optimism among analysts for the market's future. This article covers the impact of new copper technologies. Discover why this is important to natural resource investors.
May 3, 2024
Uranium Mine Supply Faces Challenges
The uranium market is currently facing a structural deficit that is only expected to worsen. With demand on the rise and production falling short, the situation is becoming increasingly challenging.Looking ahead, we anticipate minimal new mine supply entering the market in the coming years, further tightening the already constrained uranium supply. Our previous predictions about the uranium market entering a turbulent phase are now materializing before our eyes.Read more on this topic in this blog post.
April 30, 2024
Will EVs Succeed? Efficiency, Emissions and a Potential Catalyst.
Electric vehicles (EVs) have been widely hailed as a key part of the transition to green energy, but are they helping as much as we think they are? Adam Rozencwajg, CFA, spoke with Charlotte McLeod from Investing News Network about the energy efficiency of EVs and the associated CO2 savings.
April 17, 2024
Is US Oil Production Surging?
In this blog, we discuss the potential for a surge in US oil production in 2024, which could create a buying opportunity.
April 11, 2024
Is Gas the New Uranium?
We think the North American natural gas market is similar to the 2018 uranium market, about to enter a "structural deficit". With careful research, investors could be rewarded.
April 11, 2024
Further Ruminations on Saudi Arabia’s Oil Reserves
In January, Aramco announced it would maintain its 12 m b/d capacity instead of increasing to 13 m b/d, sparking speculation about oil demand peaking. Saudi Arabia may have canceled expansion plans due to concerns about insufficient recoverable reserves. In this article, G&R discusses why we believe Saudi Aramco's oil production declines are closer than anyone anticipates.
March 27, 2024
Natural Resources Market Overview
In this review of the natural resource market for Q4 2023, commodities were mixed. The GSCI fell by 12%, while the Rodgers Index dropped less than 6%. Natural resource equities had varied performances, with the S&P North American Index down 1.3% and the Global Index up 3.5%. Despite trends lower for the past eighteen months, we anticipate a potential uptick in these indices as commodity market fundamentals strengthen.Read more of our overview of the Natural Resources Market.
March 21, 2024
[Podcast] Convince Me in 15 Minutes... That Uranium is in a Bull Market
Joining the engaging podcast, Convince Me in 15 Minutes, Adam Rozencwajg makes a compelling argument for the promising investment potential of uranium based on current supply-demand dynamics. Delving into the historical context of uranium stockpiles, he sheds light on the unprecedented supply shortage that sets the stage for a bullish market.
March 7, 2024
The Norwegian Illusion
Despite predictions, oil demand in 2024 is expected to exceed 2019 levels, challenging the notion of "peak oil demand." Our focus remains on total energy demand drivers, with a belief that oil demand will continue to surprise on the upside. Learn more.
February 28, 2024
Oil: From Uninvestible to Must Own
True industry insiders are telling you to seize the opportunity and invest in oil assets, yet the public market hesitates in fear. Embracing the unconventional and having the courage to invest in what may seem unattainable requires a bold perspective and resilience. However, despite the risks involved, we believe that the rewards outweigh the uncertainties. Learn more about the benefits of investing in oil.
February 27, 2024
[Podcast] Energy Demand is Massively Misunderstood, Here's Why We're Bullish
"Wouldn't a recession and continued economic weakness reduce energy demand and thus be bearish for oil and gas prices?" Energy demand is massively misunderstood. We dive into this topic and provide our research-backed insights on why we are bullish. Listen to Adam Rozencwajg on the Commodity Culture podcast hosted by Jesse Day.
February 16, 2024
[Podcast] Peak Oil is Closer Than You Think
Adam Rozencwajg, CFA, Managing Partner at Goehring & Rozencwajg, joined the Off the Cuff podcast to explore why peak oil is closer than you think.
February 13, 2024
Rising Rates and Robust Gold Demand?
In the past 3 years, the relationship between real interest rates and gold has broken down. Despite a significant increase in real rates, gold has only decreased by 2% from its 2020 peak. What does this divergence indicate?
February 2, 2024
Debate on Peak Cheap Oil: Fact Or Overblown Fear? Doomberg vs Rozencwajg
Adam Rozencwajg, CFA, joined Doomberg on the Thoughtful Money show with Adam Taggart to debate if the threat of Peak Cheap Oil is fact or overblown fear.
January 26, 2024
The Great Convergence: North American Natural Gas and the Looming Shift in Global Energy Economics
G&R discuss North American Natural Gas and its impact on Global Energy Markets.
January 19, 2024
Uranium: New Market Star
Shares outstanding of the Global X Uranium Miners ETF (URA) have exploded four-fold since late 2020. So, where do we go from here? Although investors are no longer unanimously bearish, we believe the sector will outperform going forward. For the first time in history, uranium is in a large structural deficit, which will take years to correct. In this blog, we cover why we believe the uranium price rally will persist for years to come.
January 12, 2024
Natural Resource Investors - Top 3 Blog Posts of 2023
We aim to keep investors informed on the commodities and natural resources sectors for informed investment decisions. In 2023, our research focused on the upcoming "decade of shortages." Let's revisit our 3 most popular blog posts of 2023.
January 5, 2024
The Green Mirage: Unmasking the Harsh Realities of Renewable Energy Investments
Goehring & Rozencwajg, Natural Resource Investors, discuss the harsh realities of renewable energy investments.
December 22, 2023
Jevons Paradox: Improved Energy Efficiency Increases Demand - Let's Discuss
Jevons Paradox says that increased efficiency actually increases demand. In this week's blog post, we discuss this interesting phenomenon and present 6 charts for consideration.
December 17, 2023
[Podcast] Adam Rozencwajg joins Money Life with Chuck Jaffe
Adam Rozencwajg, CFA, joined the Money Life Podcast with Chuck Jaffe to discuss investing in natural resources and commodities in today's market.
December 8, 2023
Copper Inventory Not Signaling Recession
Goehring & Rozencwajg, Natural Resources Investors, believe copper inventory is not signaling a recession. Read why in this article.
November 21, 2023
[Podcast] What is Happening in the Energy Markets?
Adam Rozencwajg, CFA, joined the WTFinance Podcast to discuss the energy markets and much more.
November 21, 2023
[HC Insider Podcast] Renewables, Natural Gas and Nukes
In 2023, renewables are grappling with rising costs and higher interest rates. The perception of nuclear power in the energy transition is shifting. Is this a long-term change? Natural gas remains a bridge fuel, but can shale production meet growing U.S. export demands?
November 9, 2023
[Podcast] How Do You Solve A Problem Like Inflation?
Adam Rozencwajg, CFA, joined the Grant Williams Super Terrific Happy Hour Podcast to discuss the macro environment as it pertains to inflation.
November 1, 2023
[INTERVIEW] Uranium at Inflection Point, Will Get Completely Out of Hand
Adam Rozencwajg, Managing Partner at Goehring & Rozencwajg, joined Charlotte McLeod of the Investing News Network for a closer look at the uranium market.
October 24, 2023
Natural Gas Markets on the Verge
Goehring & Rozencwajg, Natural Resource Investors, believe both the US and global natural gas markets rest on a knife’s edge. Read why in this article.
October 24, 2023
The Coming Surge: Oil’s Bullish Horizon Amid Investor Apathy
We believe oil is on the verge of a sharp rally. We are adamant in our belief that this bull market has only begun and prices will increase. All of the bullish elements we have discussed remain firmly in place: the industry is still highly capital-starved, oil demand is strong, and the US shales are depleting.
October 3, 2023
[INTERVIEW] Geopolitical Risk within Natural Resources Markets
In this episode, Adam Rozencwajg joined Jacob Shapiro of the Lykeion Channel for an inaugural episode of "The Geopolitics of Commodities". Adam and Jacob discuss a wide range of topics including Europe's LNG situation, global energy exports, what the supply side of the gas market is telling us, Adam's thoughts on fusion tech, and much more.
October 3, 2023
Roundtable Discussion with G&R and Marko Papic
G&R and Marko Papic of Clocktower Group, came together to discuss Russia's Role in Geopolitics, and how we can try to navigate natural resource investments in a shifting landscape. Access the Roundtable here.
September 20, 2023
The Uranium Bull: Defying Trends and Redefining Energy Markets
The uranium industry has been dramatically starved of capital for many years. In this article, Goehring & Rozencwajg explain their views on the Uranium market.
September 14, 2023
Natural Resource Market Commentary: Q2 2023
Given our projected increase in gold prices, Goehring & Rozencwajg believe significant exposure to physical precious metals and related equities should be considered.
September 7, 2023
The Upcoming Gold Bull Market: How High Will Gold Prices Go?
Gold is no different than any other asset class: it becomes popular, rises in price, is overvalued, and ultimately represents a poor investment. Other times, it undergoes periods of investor disinterest, suffers sustained price declines, becomes undervalued, and ultimately represents an excellent investment.
September 1, 2023
Golden Foresight
Picture it, if you will: December of 2029. In a dimly lit private dining room, the sound of cutlery clinking blends with spirited conversation. Gathered at this stately round table is a diverse group of investors. Some wear the hard-fought wrinkles of significant gains, while others wear the furrowed brows of regrettable losses. What stratagems, one wonders, divided the winners from the less fortunate?
September 1, 2023
The Bull Market for Gold and Silver: 1970s vs Today
The Bull Market for Gold and Silver: 1970s vs. Today. We believe Central Banks are key to understanding the difference between the 1970s and today. Read why in this article.
August 10, 2023
[INTERVIEW] The Next Opportunity: Are We in a Commodity Supercycle?
In this episode, UBS's Paul Stefansson speaks to Adam Rozencwajg, Managing Partner at Goehring & Rozencwajg, on whether we are in a commodity supercycle.
August 3, 2023
The US Reserve Currency & Commodities
The move away from the dollar has begun, potentially signaling the end of its status as the global reserve currency. In this blog, G&R discusses the U.S. reserve currency and commodities.
July 24, 2023
Roundtable Discussion on the Energy Markets
Adam Rozencwajg of G&R discusses the current state of the energy market in a roundtable discussion hosted by the Financial Repression Authority.
July 24, 2023
The Permian Basin Is Depleting Faster Than We Thought
The article below is an excerpt from our Q1 2023 commentary.The most crucial development in global oil markets is depletion in the Permian basin. We first warned about this in 2018, predicting the..
June 30, 2023
Is Gold in a New Bull Market Phase?
"We think that gold has entered into a new phase of this bull market," said Adam Rozencwajg of Goehring & Rozencwajg (G&R).G&R has been bullish on gold for quite some time, but we have been mostly..
June 30, 2023
Hubbert's Peak is Finally Here
The article below is an excerpt from our Q1 2023 commentary.Conventional oil production has now unequivocally rolled over. Unconventional production, the only source of growth in global oil supply..
June 30, 2023
Podcast: What's Coming for the Oil, Gas, Gold & Metal Markets in 2023
Adam Rozencwajg, CFA, Managing Partner of Goehring & Rozencwajg, recently joined the Top Traders Unplugged podcast and shared his insights on a wide range of topics when it comes to the global commodity markets. In this episode, they explore:
June 12, 2023
[Podcast] The Impacts of Rising Interest Rates on Commodities
What are the impacts of rising interest rates on commodities? Where are rates headed? What does it mean for prices, traders, producers, investment and the energy transition?
June 12, 2023
Will 2023 Bring a Grain Market Black Swan?
When commodity markets fall into structural deficit, prices remain muted until a black swan event occurs, last year’s 20-fold surge in global natural gas prices being an excellent example. The recent rise in egg prices provides another.
June 12, 2023
Catastrophic Agriculture Markets
Should investors continue to have significant exposure to agricultural related equities, including the fertilizer stocks?
July 23, 2022
Top 3 Goehring & Rozencwajg Posts of 2022
Natural Resource Investors, Goehring & Rozencwajg, share their most viewed blog posts of 2022 to date.
July 23, 2022
Russia and the Uranium Fuel Cycle
What impact does the war in Ukraine have on the global uranium industry? More than you might think. Uranium and nuclear power can be more complex than other commodities, so GoRozen provides some background.
July 23, 2022
Follow Our Work
We publish a Quarterly Commentary that is read by over 10,000 professionals. We regularly publish blog posts and appear on many podcasts and television interviews.
subscribe to stay informed