Gold Could See $3,600 Correction Before New Highs, Institutions Still Underweight: Ole Hansen

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)

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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

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