Rob Gray

Economist / commodity market strategist

[Rob Gray @RobertCGray4]

So all that free money in 2020->2022 didn’t print new mines, but spiked demand + costs at the same time? How surprising!

[Brandon Beylo @marketplunger1]

The Bloomberg All-Commodity ETF $BCI is the most important chart out there.

Nothing else really matters.

A weekly breakout above the 200D = GAME ON.

What's your favorite way to play the potential commodities breakout?

[Rob Gray @RobertCGray4]

@wolfejosh THIS is why X, for all its faults, remains essential for commodity strategy. Sense making / rolling back Johari’s window for ‘what am I missing’ depends on max aperture + gathering bread crumbs everywhere.

Thanks @PauloMacro, you would have got the forward if allowed.

[Rob Gray @RobertCGray4]

Yep, six years, following an Amplats trip to China.

[Lyn Alden @LynAldenContact]

When you’ve been long platinum for six years and suddenly it’s one of the best asset performances in 2025.

[Rob Gray @RobertCGray4]

Same dynamics, supply sets the price

[Jared Dillian @dailydirtnap]

Cocoa

[Rob Gray @RobertCGray4]

High quality summary of the metals & mining investment environment @saadrahim.

I find myself pounding the table in agreement. The key questions remain ‘what are we missing’ and ‘where might we be wrong’?

[London Metal Exchange (LME) @LME_news]

We are pleased to welcome Saad Rahim of @Trafigura to the #LME Metals Seminar to give this year's global economic outlook.

#LMEweek

[Rob Gray @RobertCGray4]

I agree, it may be different.

This graph is a few days out of date (end of Mar), clearly shows the Au equities are way below physical metal, diverging since late 2020.

Hmmm, where does this go from here?

[Luke Gromen @LukeGromen]

No one in the west has the trade on in size…while JPM has been diverting tonnage in size from HSBC’s GLD vault to JPM’s new GLD custodial vault…🤔

[Rob Gray @RobertCGray4]

Sea shift towards the ‘tangible 2020s’. Full credit to @darioperkins @TS_Lombard.

Time to get set for a world where metals & mining is poised to become the standout asset class of the next 1-2 decades. Here’s why:

https://t.co/JkHaH7zeQd

[Rob Gray @RobertCGray4]

@LukeGromen Our barrels, your problem? 😂

[Rob Gray @RobertCGray4]

Our barrels, your problem?

[Mohamed A. El-Erian @elerianm]

Bloomberg on the surprise output cut by OPEC+.

#economy #markets #oil #commodities #growth #inflation @markets @opinion #econtwitter @economics #opec

[Rob Gray @RobertCGray4]

A cyclical, secular and structural upturn is on the horizon. "Get Ready" to invest in metals & mining real assets, as an inflation hedge and an accelerant to real economic growth. Demand continues to grow and the supply side is not ready.

https://t.co/OvenjavHkT

[Rob Gray @RobertCGray4]

@KeithMcCullough Keith, great chart, thanks! For HFs to be ‘net short’, does that mean the line(s) rise above 50% on the y axis?

[Rob Gray @RobertCGray4]

Trading Economics just added European / UK electricity prices to the Commodities market pulldown (very bottom) Well done @tEconomics! @DoombergT

[Luke Gromen @LukeGromen]

I haven't seen a doom loop as obvious as the energy doom loop in the EU since the US banking system doom loop that began spinning in September 2008 after LEH filed bankruptcy...

...and then the SEC changed the rules overnight & banned short selling of the banks.

Let's watch.

[Rob Gray @RobertCGray4]

Agree, but metals & mining comes before energy. A smaller sector (1-2% GDP) under even more pressure in today’s world.

[Matthew Syed @matthewsyed]

Putting energy at the front and centre of politics and economics - we need a completely new intellectual framework to address the energy crisis. We are currently feeling the first rumbles of the era to come

https://t.co/UwXWQhf4fK

[Rob Gray @RobertCGray4]

True, boomer demographic tailwinds in the 1970s + what Jeff Currie (GS) has to say about the concurrent capex boom in natural resources at the time. How many nuclear plants came online in the 1970s / 1980s? @DoombergT @Geo_papic

[Nick @nickmhc]

Love hearing ⁦@profplumDM⁩ & ⁦@DoombergT⁩ explain differences of 70’s-80’s legend of Paul Volcker (younger, faster growing US)

vs 2020’s US, need low rates to fund energy investments, reshoring to solve supply shocks & not become 00’s Japan https://t.co/Wf3NWRNAAb

[Rob Gray @RobertCGray4]

Great question, not nearly enough.

[Zach Flood @floodgeo]

Twitter folks, please list significant GRASSROOTS discoveries, of any metal, made in North America over last decade:

[Rob Gray @RobertCGray4]

things that make you go hmmm...

[Grant Williams @ttmygh]

“The Continent must accept that the two necessities of life — food and fuel — have been far too cheap for a generation, and national leaders must be prepared to risk a political backlash and tell voters the truth”

The Truth? They’ll get right on that 🙄

https://t.co/AVDIbxwIMq

[Rob Gray @RobertCGray4]

Slightly disappointed you didn't bridge to "Worth. Every. Damn. Nickel." @dailydirtnap

[Grant Williams @ttmygh]

Worth. Every. Damn. Penny.

If you're on the fence, take the trial. Jared's work is top notch.

[Rob Gray @RobertCGray4]

So powerful on so many levels

[Rob Gray @RobertCGray4]

If electricity were free, metal demand would skyrocket, for hydrogen and electron transmission reasons, as noted. 2nd order deflationary impacts through pretty much everything: fertiliser, shipping, plastics, chemicals…

[Rob Gray @RobertCGray4]

What If Electricity Were Free? - by Doomberg - Doomberg https://t.co/fIJOblhpAs