Gold, copper and silver have all gone parabolic while the dollar is falling. Yet hydrocarbons remain at an inflation‑adjusted all‑time low. Has the world become complacent because of the prevailing narrative of an oil glut, a food glut and a natural gas glut? However, as our guest Jeff Currie puts it, “If you have to scrape the data for evidence of a glut, perhaps there isn't one.”
Are we heading toward a major repricing? Are we standing on the edge of renewed inflation and macroeconomic turbulence? And as technology companies pour their free cash flow into hard assets, will investors eventually shift back toward hydrocarbons?
Read below for our key talent impacts from this episode.
Key Talent Impacts
Rising demand for talent with geopolitical and macroeconomic literacy
The shift from a rules‑based global order to a power‑based, mercantilist environment means organisations need people who deeply understand geopolitics, sanctions, and trade realignments. Commodity flows, pricing and strategy are increasingly shaped by government intervention and political risk, so firms will need traders, analysts and strategists who can interpret and anticipate these forces.
Acute need for technologically fluent commercial talent
Jeff Currie’s repeated emphasis on tokenisation, DeFi, crypto‑native trading systems and AI signals a major transition. Physical trading platforms will only remain competitive if they integrate advanced digital infrastructure. This raises the bar for talent, favouring individuals who can blend deep commodity knowledge with fluency in data, automation, and digital market infrastructure.
Scarcity of physical trading expertise as markets bifurcate
With the rise of parallel payment and logistics systems in the West and in China, market fragmentation will increase. Fewer people will have visibility across both systems, which raises the premium on originators, operators and traders who can work across jurisdictions, manage opaque supply chains and handle complex bilateral arrangements. Firms without this capability will be at a structural disadvantage.
Renewed importance of asset‑heavy operational skills
As the world becomes more asset-heavy, and as both tech companies and commodity players put more steel in the ground, operational and project development expertise becomes critical again. Roles in engineering, power development, refining, logistics and large‑scale infrastructure will grow in strategic importance. Decades of underinvestment mean experienced technical talent is already thin on the ground.
Competition intensifies for multi‑disciplinary talent in energy transition
Electrification, data centre growth, power scarcity and the slowdown in EV uptake all reshape demand patterns. Companies need people who understand how molecules and electrons interact across markets. This includes specialists in power markets, LNG, critical minerals, grid planning and low carbon fuels. The convergence of tech and energy also draws new competitors for talent, including hyperscalers and private capital.
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HC Commodities Podcast Briefing
What is happening in the global economy and how is it affecting commodities?
Jeff Currie explains that the world is in a stronger economic position than many expected. Commodity demand, especially for metals like gold, copper and silver, has been surprisingly resilient. However, molecules such as oil, gas and agricultural products remain weak. This divide is creating confusion in markets and masking deeper inflationary pressures.
Why are metals soaring while hydrocarbons remain cheap?
Metals are driven by electrification, data centre construction and security of supply. Hydrocarbons, by contrast, have been kept artificially low through policy choices. Governments have quietly encouraged higher production from countries like Russia, Iran and Venezuela, expanded labour supply through migration, and used strategic reserves to contain prices. These interventions created temporary gluts that suppress inflation indicators.
Are we heading towards a major repricing?
Currie believes the world is approaching a macro repricing similar to 2014 to 2015. Rising geopolitical risk, hoarding behaviour by large importers, and underinvestment in oil and power infrastructure all point to higher prices. If trust in the dollar weakens, the shift could accelerate and spread across commodities.
What role will AI and data centres play in energy markets?
The AI boom is driving enormous demand for power and critical minerals. Large technology firms are becoming asset-heavy and investing aggressively in infrastructure. Currie argues that this mirrors the early shale boom and could eventually lead to oversupply in computing capacity, but not before placing significant strain on electricity systems.
What should investors and energy companies focus on next?
Currie highlights three priorities. First, prepare for geopolitical fragmentation and the rise of bilateral trade. Second, expect higher valuations for real assets. Third, recognise that underinvestment in molecules and power generation will shape markets for years.