Don Casturo, Chief Investment Officer at Quantix, and Kristof Gleich, Chief Investment Officer at Harbor Capital, bring their decades of professional investment experience to the table to break down why we&#x27;re in a new era for gold, why silver could absolutely skyrocket, why copper&#x27;s new all-time high could just be the start, and the incredible opportunity they see in the link between AI and commodities. Quantix Commodities: https://quantixcommodities.com Harbor Capital: https://www.harborcapital.com Disclaimer: Commodity Culture was compensated by Quantix Commodities and Harbor Capital for producing this interview. Nothing contained in this video is to be construed as investment advice, do your own due diligence. Join the LIVE Commodity Culture Bootcamp June 27: https://join.jesseday.ca Subscribe to the FREE Commodity Culture Newsletter: https://readplaza.com/commodityculture Follow Jesse Day on X: https://x.com/jessebday Commodity Culture on Youtube: https://youtube.com/c/CommodityCulture

Gold Becomes World's No. 1 Reserve Asset - 'Room to Run' From Here: Don Casturo and Kristof Gleich

Commodity Culture

# Full Transcript

**Podcast:** Commodity Culture

## Transcript

[SPEAKER_A] The following podcast is brought to you by Quantix Commodities and Harbor Capital. Enjoy. This is the Commodity Culture podcast, where we interview prominent investors, fund managers, analysts, and company CEOs to give you an edge when it comes to investing in the commodity space. Hello everybody and welcome into Commodity Culture, where our goal is to make you a better investor in the commodities sector. Today is June 2nd, 2026, and before we dive in, standard disclaimer, nothing here is investment advice, do your own due diligence. And my guests today are Don Casturo, founding partner and Chief Investment Officer at Quantix Commodities, and Kristof Gleich, President and Chief Investment Officer at Harbor Capital. Very excited to dive into gold, silver, copper, the broader macro themes they're seeing emerging in markets today. We're going to skip the intro and get right into it. And I want to start by discussing gold because last time I had you both on the show, the metal was at around $4,300. We had a nice run to new all-time highs, of course, of around $5,400 in January of this year, and a moderate correction with gold chopping mostly sideways since March. Now sitting around $4,500. I'll start with you, Don. What do you make of gold's recent price action, and do you think the peak of this bull market is over, or does gold have more room to run here?

[SPEAKER_B] I think longer term, gold definitely has some more room to run given the structural buying that brought gold to the record highs that we saw earlier this year. I mean, it has run into a bit of a notable headwind in terms of a reappreciating dollar and rising rates, which is always a tough environment to get retail participation in the gold sector. But why I think longer term it still has room to run is that even when we had higher rates earlier in this decade, gold was still performing from a sizable bid from central banks that were still in the process of de-dollarizing. And I think that's on the back of institutional credibility concerns, I think, with the US as a reliable trading partner. And I don't think that has changed at all with what's gone on in the Middle East. It's just rates have made retail participation harder. But the demand for central banks has been resilient, and I expect that to continue as we maybe move through the rate cycle.

[SPEAKER_C] I'd agree largely with that. I think I'd argue actually gold's been pretty resilient in terms of, yes, it's been on a bit of a ride, but it's been pretty resilient. In terms of if you think where we were. So we were last on the show December 15th, '25. So what is that, sort of 6-ish months ago? And I think gold's going through a period of consolidation vis-à-vis 6 months ago. We were probably expecting 3 rate cuts by the Fed by sort of probably now-ish, and we've had none. And in fact, the markets are pricing in a Fed hike. And despite that, I think gol...

Gold Becomes World's No. 1 Reserve Asset - 'Room to Run' From Here: Don Casturo and Kristof Gleich

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Gold Becomes World's No. 1 Reserve Asset - 'Room to Run' From Here: Don Casturo and Kristof Gleich

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.