Private investor and Substack author Sultan Ameerali joins Mining Stock Daily for a wide-ranging discussion on how geopolitical risks, oil markets, AI infrastructure demand, and monetary policy are reshaping the investment landscape for mining equities. The conversation explores why Sultan remains constructive on gold, copper, and select long-duration resource assets despite growing concerns surrounding the Strait of Hormuz, energy prices, and broader market volatility. From sulfuric acid shortages and copper supply constraints to AI-driven commodity demand and the long-term implications of de-dollarization, this episode connects macro uncertainty directly to how investors can “bulletproof” their mining portfolios for the years ahead.

Building a Resilient Resource Portfolio in 2026 with Sultan Ameerali

Mining Stock Daily

# Full Transcript

**Podcast:** Mining Stock Daily

## Transcript

[SPEAKER_A] All right, everybody. Welcome into Mining Stock Daily. A little bit of a quieter day here on the podcast, but we are going to get some market commentary from private investor Mr.

[SPEAKER_B] Sultan Ameerali. He is also the author of the Consolidated Rock Holding Company Substack, where you can find all of his musings, what he's doing with his capital in this sector. Sultan, it's good to have you on.

[SPEAKER_A] There's, you know, listen, I literally, fun story, I literally have been running around.

[SPEAKER_B] We started summer break already with our kids. Nobody's in a routine.

[SPEAKER_A] I spent all morning this morning driving my daughter around to various, you know, things.

[SPEAKER_B] I come back to my computer screen and all I see is a bunch of red, but I've seen like the S&P's down 6/10, Dow Jones down 8/10, but the charts look awful. Just absolutely terrible. And I don't know if it's just like one of the, well, I guess we'll find out one of those healthy kind of pullbacks. We've been running hot in the markets for so long. There's continues maybe a little bit more concern about oil prices and energy is maybe finally setting in. We are going to talk about how you are bulletproofing your own portfolio in mining with mining equities here. But really, let's talk about the big picture of things. Are you at all concerned about geopolitics, supply chains out of Hormuz, oil prices? Is it finally starting to set in here?

[SPEAKER_D] Yeah, I'm of two minds of it, Trevor, right? So first off, thanks for having me back. So I'll put it to you two ways. On the one hand, oil market's telling us one thing, right? You know, very sophisticated, deep, broad market is telling us that this isn't a problem. You know, oil should be, you know, intuitively if you told us this fact pattern maybe in January, you would think oil was $180, right? You know, on the other hand, you know, we're all seeing the same sort of charts with the inventory numbers, SPR releases, inventories dropping down. That sort of thing. And so when I look at how Strait of Hormuz and oil kind of affects my portfolio in the short run, I see some volatility. You know, in the long run, I don't see anything that's happening just because I've got a sort of a gold, copper-focused sort of narrative. I think in the intermediate and long-term, I don't see anything that's coming out of the Middle East that would be bad for precious metal stocks in particular, but I could extend that out to things like fertilizer and that sort of thing, right? So I think that's a long answer to your question. The short answer to your question is, I guess it depends, right? So I would encourage people to maybe look at oil not so much as a nebulous sort of thing. I would, I think the contract matters, right? And so, you know, when you're talking about oil, you're talking about the grade and the contract, you know, in terms of when it's g...

Building a Resilient Resource Portfolio in 2026 with Sultan Ameerali

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Building a Resilient Resource Portfolio in 2026 with Sultan Ameerali

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.