The David Lin Report Markets Are ‘Breaking Apart’: What It Means For Gold, Silver, Oil In 2026 | Ole Hansen
Feb 17, 2026
Ole Hansen, Head of Commodity Strategy at Saxo Bank, is a seasoned commodity markets strategist. He covers why AI hype is unraveling and how that shifts capital flows. He discusses rotations into cyclical and materials names, constraints on Fed policy and stimulus, and what that means for gold, silver, and oil outlooks in 2026.
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Ads Signal Monetization Strain For AI
- OpenAI showing ads indicates struggle to monetize subscriptions and pressures AI revenue models.
- Better free AI from Google may further cannibalize paid AI offerings and compress revenue potential.
Rotation Driven By Stimulus Expectations
- The market’s rotation into early-cycle sectors reflects expectations of Trump-led stimulus, not fundamentals.
- That rotation is vulnerable because fiscal stimulus scope looks limited and constrained by institutions.
Fed Independence Limits Political Easing
- Powell likely has leverage because his term extends beyond May, making Fed independence a constraint on political pressure.
- That reduces the likelihood of rapid rate cuts even if political actors press for easing.
