🟢 [E1724] Goehring & Rozencwajg argues commodity bull began in April 2020 and is only one-third complete. Oil today represents the cheapest major asset class in the world. They recommend rotating gold/silver profits into oil.

🔴 [E1716] Goehring & Rozencwajg are tactically negative on gold near-term—silver's blow-off could mean 2-3 years of pullbacks in gold and silver. They suggest reducing gold/silver exposure and recycling into oil.

🟢 [E1699] Goehring & Rozencwajg confirms Hormuz was 'effectively closed' as of March 11, disrupting ~20m b/d of crude and ~10 bcf/d of LNG. Brent moved from $59.96 on Jan 7 to $119.50 on March 9 before easing to ~$90.