SmarterMarkets™ Setting Course 2026 Episode 3 | Robert Friedland, Executive Co-Chairman of Ivanhoe Mines & Co-Founder, Chairman, and CEO of I-Pulse and Jeff Currie, Chief Strategy Officer of Energy Pathways, Carlyle
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Jan 24, 2026 
Robert Friedland, mining entrepreneur and advocate for critical raw materials; Jeff Currie, commodity strategist at Carlyle focused on macro and energy transition. They discuss Davos' focus on security and raw materials. They debate a commodity supercycle, copper's strategic role, militarization-driven CapEx, supply vulnerabilities, and how electrification and AI reshape demand.
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Critical Materials At Davos
- Davos highlighted critical raw materials and supply-chain risk as central global themes.
- Commodity prices (copper, gold, platinum) have risen sharply versus oil and the dollar, signaling structural shifts.
Revenge Of The Miners
- Mining and refined metals are gaining strategic importance as supply chains get politicized.
- Expect large moves in critical, lesser-known metals tied to AI, defense, and space.
Prepare For Hoarding And Duplicate Chains
- Anticipate hoarding and duplicate supply chains as geopolitics spurs stockpiling of commodities.
- Prepare for upward price pressure across commodity sectors when hoarding intensifies.