A new commodity supercycle is here, according to Saxo Bank’s Ole Hansen. In this interview, he declares we are at the “cusp of an energy transition super cycle” while breaking down the immediate supply shocks gripping the copper market today. Kitco News Anchor Jeremy Szafron sits down with Ole Hansen to get his detailed outlook on the precious metals. Hansen explains why gold could see a deep but healthy correction to the $3,600 level without hurting the overall bull market setup. He makes the case for $50 silver, revealing that he likes it “even a bit more than gold” because it can run faster.
The conversation also dives deep into the “perfect storm” driving platinum, the year’s top performer, and why natural gas is “dirt cheap” and its low price is “not going to last”. Hansen also reveals the one risk that could keep him awake at night: a loss of market confidence in the Federal Reserve.
(Recorded September 24, 2025)
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Ole S Hansen on X: @Ole_S_Hansen (
00:00 – Intro: A Market of Conflicting Signals
01:10 – U.S. Economy: Is the Housing Surge a Blip?
02:48 – COPPER SHOCK: Freeport Declares Force Majeure
07:21 – GOLD: A Healthy Correction to $3,600?
09:16 – Why Institutions Are Still Underweight Gold
14:36 – SILVER: The Case for $50
18:07 – PLATINUM: Inside the “Perfect Storm”
22:11 – The PGM Substitution Story: Platinum vs. Palladium
24:36 – CRUDE OIL: Disconnected and “Living on its Own Planet”
31:59 – The “Energy Transition Supercycle” Has Begun
#Commodities #Gold #Copper #MarketOutlook #OleHansen #SupplyShock #Investing #Silver #Platinum
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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30 Comments
A lot of conflicting signals in the market right now. After watching the interview, what do you think is the most important story for investors to follow?
-The Physical Squeeze in Copper & Platinum?
-The long-term Commodity Supercycle thesis?
-The risk of a Fed policy mistake?
Let us know your thoughts in the replies!
spoofing
50 is very conservative in my opinion
Considering that the "energy transition" is literally impossible, it is only a matter of time until that area of demand slumps dramatically. Fortunately, (for fans of silver,) the vast majority of humans are not very bright, and so the spread of a better understanding of the reality of the situation, re the 'energy transition', will be very slow.
Can you interview Peter Leeds.
Good luck storing your gold in China! The second the Chinese Communist gov't decides it belongs to them – say good bye.
The only central bank that is net short gold is the fed
I am accumulating gold more and more
“Uh. Uh. Uhhhh.”
❤❤❤❤
i live in Perth Western Australia a huge mining hub
for over 30 years i've i listened to my local radio station they have a business report on covering the financial markets shares, dollar, commodities manly Oil, Gold, Iron ore sometimes Nickle and copper but they have never mentioned Silver until yesterday
I tried making money on meme coins but lost more than I earned. In the end, I put the remaining money into mevstake with Mevolaxy, and I’m super happy with it
25:20 increase of 600k more barrels of oil in just 2 months is a lot and seem to plan to increase it even further. OPEC knows russia is about to collapse so they prepare the oil market for it so there wont be problems when russia conpletly stop export of everything
Just crazy talk! Silver will never hit $50z
Palladium 🎉
Inflation or dollar devaluing. Just compare a grocery receipt on a bi monthly basis from a year ago to today and there’s a reality check.
Even at 200 dollars per ounce I won’t sell my silver 😊
Home sales are builders blowing out inventory at deep discounts with many incentives. My son just bought one. Buckle up👍🏻👊🏻
Well… He said roll the end to show his stripes.
I think you're missing a propa- news site right now.
Warmonger
Good upload 👍
He lure you to sell that he buy cheap
Counterparty risk is a factor, for sure. The weaponization of the dollar has been a major driver since the seizure of Russia's $300B by the West. Might want to add this to your list. Good interview.
Excellent interview.
ឣគុណណាស់សម្រាប់ពាល់មានល្អ៕បានមើលហាងឆេងមាសវ៨ញ❤❤❤❤🎉🎉
M2 money supply
Looks like Ole needs a new home??
Im getting happier with my tip on PT Bumi recourses minerals that i got earlier they are next to in goldmining also in coppermining. bought very cheap 0,029 eurocents and the whole week started rising 😊
Silver to $172 & gold to 8,683 in 2027.
I must have a few hundred kilo's of physical copper. Im just letting it sit and do nothing.
If copper is forecasted to go up, then silver is my boi.