{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"The 2026 Fiscal Stimulus and Contrarian Course on the Commodities Markets","html":"","width":"100%","height":180,"duration":1850,"description":"Recording date: 23rd December 2025Olive Resource Capital executives are positioning against consensus views heading into 2026, predicting commodity strength driven by unprecedented fiscal stimulus rather than the widely anticipated recession that has dominated economic forecasts for three consecutive years.Sam Pelaez, President, CEO, and CIO, identified oil as his top commodity performer despite—or rather because of—overwhelming bearish sentiment. With Atlanta Fed GDP tracking above 3%, Federal Reserve liquidity injection, and Chinese expansionary fiscal policy, Pelaez argues the global economy will surprise to the upside. He characterised oil as \"the most hated commodity\" trading in oversold conditions, positioning it for recovery as excessive negative positioning unwinds against improving fundamental backdrop.Executive Chairman Derek Macpherson selected platinum as his best performer, citing structural market deficits and anticipated regulatory shifts. The critical catalyst involves potential rollback of electric vehicle mandates eliminating internal combustion engines by 2030-2035. Such policy reversals would extend ICE production timelines, directly supporting platinum demand through catalytic converter applications in a tight, supply-constrained market.In their most controversial prediction, both executives identified silver as likely to disappoint relative to extremely bullish expectations. Pelaez noted that 25-year volume-weighted data suggests silver has already corrected to average levels, with the biggest move occurring over the past eight weeks. He anticipates commodity leadership rotating from precious metals to industrial commodities as economic growth accelerates, reducing speculative interest in silver despite positive underlying fundamentals.The executives' no-recession call underpins their constructive commodity stance. Macpherson emphasized unprecedented government deficit spending globally—China's trillion-dollar stimulus, aggressive US...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}