The David Lin Report Iran War Rocks Markets; Investor Says 3 Sectors Are About To Explode | Tavi Costa
Mar 4, 2026
Tavi Costa, co-founder and CEO of Azuria Capital and investor in mining, energy, and Latin American markets. He links Iran unrest to oil volatility and inflation. He discusses a dollar-weakening rotation into hard assets, argues mining and metals are still underowned, and highlights copper, zinc, and energy-driven agricultural inflation as key themes.
AI Snips
Chapters
Transcript
Episode notes
Mining Is Extremely Underweighted Versus Historical Levels
- Mining is tiny today (~1% of global equities) compared with the 1970s (~11%), implying large potential upside if demand re-rates the sector.
- Structural demand (onshoring, central bank buying, infrastructure) makes mining more relevant now than decades ago.
Debt Drives Geopolitics And A Return To Gold
- High global debt creates geopolitical tensions and drives central banks toward neutral hard assets like gold, prompting potential rebalancing.
- Tavi points out central bank gold holdings fell from ~70% of reserves in the 1970s to under 25% today, implying room to buy.
Back-Of-Envelope Case For Much Higher Gold
- Simple math comparing US debt to gold reserves suggests a theoretical gold price much higher if reserves were restored to historical backing levels.
- Tavi uses a back-of-envelope: $40T debt vs ~$1T gold implies gold rising toward levels like $75,000/oz if rebalancing occurred.