ML Börspodd | Eric Strand – Silver, Record Margins & Investment Opportunities
In this episode of the Swedish investing podcast ML Börspodd, AuAg Funds founder and portfolio manager Eric Strand returns for a second conversation, this time focused on the macroeconomic and geopolitical backdrop for precious metals.
The discussion looks at how government deficits, monetary policy and the distinction between cost-push and demand-driven inflation shape the outlook for gold and the US dollar. Eric also shares his perspective on silver's industrial demand, the role mining equities can play within a diversified portfolio, and why copper and uranium feature in the wider commodities conversation.
Valuable Insights:
- Cost-push inflation driven by higher oil prices does not respond to rate hikes the way demand-driven inflation does, which limits the Fed's usual toolkit.
- Gold's deep liquidity and lack of counterparty risk are why central banks stay net buyers even while some sell reserves to defend their currencies.
- In most industrial uses silver is a small but critical input, so end-product demand is relatively insensitive to the silver price.
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