Forget Tech: Why Hard Assets Will Win The Decade | Jeff Currie

This week on The Master Investor Podcast, Wilfred Frost sits down with one of the world’s foremost commodities experts, Jeff Currie. After nearly three decades building and leading commodities research at Goldman Sachs, Currie shares an unvarnished masterclass on why we are only in the "second or third inning of nine" of a generational commodity supercycle that will see hard assets crush tech and the dollar this decade.

At the heart of Currie’s thesis is a simple but radical shift: mounting sovereign debt, financial repression and the debasement of currencies will drive investors away from traditional financial assets and towards gold, energy, agriculture and other hard assets.

Currie explains his bold $10,000 gold forecast, why he would rather own gold than the dollar or pound sterling, and why central banks - particularly in emerging markets - are continuing to de-dollarize and accumulate gold. He reveals why he favours his “Munificent Seven” energy giants over tech’s Magnificent Seven - Exxon Mobil, Chevron, ConocoPhillips, BP, Shell, Total and Saudi Aramco - and explains why agriculture, uranium, critical minerals and other physical assets could all benefit from the same structural forces.

He also offers a sharp critique of Bitcoin and crypto, and explains why he believes digital ledger technology is better suited to AI agents than humans.

From the Iran War and extreme weather to droughts, El Niño and intervention in the bond market, Currie explains why the events of 2026 have only strengthened his conviction - and why he believes the great rotation into hard assets is still in its early stages.

0:00 Intro

2:23 Yields rising

4:00 Bessent intervention is financial repression

7:36 OWN GOLD

13:08 Not worried about gold pullback

18:36 Energy over Tech

23:30 Watch Diesel

27:02 China buying crude again

29:23 Crude reserves low

30:19 Recession risk underpriced

34:53 “Munificent 7”

36:53 Ag commods exploding

41:22 Buy any commod pullback

44:20 Recession risk to commods?

47:00 History suggests still early for commods

49:10 Iran hugely boosts commods bull case

52:43 Bearish Bitcoin

55:28 Post Goldman - Real Macro

56:50 Conclusion - Own all commodities

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