Crux Investor

Acceleration Towards Deglobalisation Reshapes Metal Supply-Demand Security

The episode of The Compass focuses on how accelerating de‑globalisation is reshaping the security of metal supply‑demand fundamentals. Derek McFersonen and Sam PZ argue that traditional reliance on overseas producers is eroding, prompting a strategic rethink for miners and investors. They note that after an early‑year over‑bought rally, equity and commodity indices have entered a two‑to‑three‑month consolidation phase. Seasonal patterns suggest a quiet summer for metals, with energy peaking later, while headline risks – renewed fighting in Iran, the Strait of Hormuz, and lingering Russia sanctions – remain largely priced out of markets. A former Joint Chiefs chairman, speaking at the KIORD conference, surprised listeners by recommending gold and silver, underscoring geopolitical uncertainty. The hosts also highlighted Prospector’s transparent drilling program, which they view as a model of operator quality, and cited resource‑nationalism trends driving interest in western‑based critical minerals such as tungsten and antimony. For investors, the takeaway is clear: jurisdictional risk and supply‑chain resilience now dominate allocation decisions. Reducing exposure to Australia and Asia‑Pacific, reallocating to assets with secure domestic processing, and targeting companies with strong disclosure and development pipelines are presented as the prudent path forward.