Mining Stock Daily

March Madness of Macro: Quinn Thompson on Energy and Equity Fragility

Mar 20, 2026
Guest
Quinn Thompson
Quinn Thompson, CIO at Lekker Capital and co-host of Forward Guidance, is a macro and commodities strategist. He discusses energy shocks from prolonged geopolitical conflict. He highlights how supply-chain strains ripple through metals, agriculture, and critical minerals. He outlines a potential perfect storm of rising yields, stalled growth, and liquidity stress.
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INSIGHT

Energy Shock Reversed A Year Of Complacency

  • The recent oil and energy shock emerged after a period when energy was deeply out of favor and heavily shorted.
  • Quinn Thompson notes this flipped quickly as troop movements and Middle East escalation turned supply fears into a sustained risk premium across commodities.
INSIGHT

Energy Spike Can Freeze The Metals Boom

  • A commodity spike in energy can choke demand and derail expectations for a global CapEx-driven boom in metals.
  • Quinn argues central banks buying gold and countries short on energy may sell assets or prioritize energy, weakening the growth story for copper, silver and critical minerals.
ANECDOTE

Dentist Reaction Shows How Few Consider Agriculture Risks

  • Quinn told his dentist to consider corn, wheat, sugar and soybeans as investment themes instead of gold.
  • The dentist's surprised reaction illustrated how agricultural risks feel unfamiliar to many investors despite clear fundamentals.
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