Deficits Drive Bull Markets (Sam Berridge)

Sam Berridge from Perennial is back after a wild first half of 2026. We run through just about every commodity under the sun.

Gold's sold off, but the fundamentals haven't changed. What next? We also get into why the structural deficits he chases tend to survive the chaos, as well as the latest on the aluminium setup.

In this one we cover:
Gold's sell-off and the long-term thesis

The Iran war latest + oil and aluminium on a knife's edge

The gold developers Sam likes and his 1 + 1 = 3 plays

The Elliott campaign shaking up Northern Star

Indonesia running nickel like OPEC

The niche metals nobody cared about until they vanished: tungsten, fluorine and more

Why the capital gains tax changes will set us back

A cracking chat covering the lot. Enjoy.

Follow Sam:

X - https://x.com/strikeextent

LinkedIn - https://www.linkedin.com/in/sam-berridge-8150a02a/

If you like hearing a fund manager who covers just about every commodity under the sun, subscribe for more.

Episode recorded: 12/06/2026

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TIMESTAMPS
(0:00) Market Chaos Check In(5:30) Rates, Inflation, and Gold(11:30) Small Caps, Gold, and Aluminum(19:00) Northern Star and the Elliott Campaign(32:40) Copper Picks and Jurisdictions(39:00) Nickel and Indonesia(43:00) Lithium's Quiet Bull Market(49:00) Uranium and Wrap Up
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DISCLAIMER
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