Odd Lots Jeff Currie on the Crazy Surge in Metals, And Why The Supercycle Has Years to Run
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Jan 30, 2026 
Jeff Currie, Partner at Carlyle and former Goldman Sachs commodities lead, explains why metals are surging and a multi-year supercycle may be starting. He discusses copper, gold, and silver rallies. He highlights China’s big role, silver’s dual industrial and retail appeal, and why current prices feel like foothills rather than a peak.
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Central Banks Are De-Dollarizing With Gold
- Central banks and emerging markets are shifting reserves into gold to avoid seizure risks.
- Currie notes this de-dollarization materially boosts gold demand beyond China alone.
Why China Hoards Silver
- Silver combines industrial use (notably solar PV) with affordability as a store of value, fueling Chinese household and institutional demand.
- Currie says silver's dual role explains the Shanghai premium and retail hoarding.
Supercycle Equals A Global CapEx Boom
- A commodity supercycle equals a big global CapEx cycle driven by defense, data centers and electrification.
- Currie argues high interest rates accelerate asset-heavy investment, triggering sustained commodity demand.