Deglobalization sparks race for strategic resources, driving gold and copper outlook - Sohn Montreal

Speakers at the Sohn Montreal conference warned that deglobalization and strategic resource hoarding are creating a structurally more inflationary environment that favors commodities over financial assets. Bridgewater’s Karen Karniol-Tambour and Gavekal’s Louis‑Vincent Gave argued governments and institutions will shift reserves toward physical commodities, reducing the safe-haven role of U.S. Treasuries and lifting demand for metals tied to energy and AI infrastructure. Karniol‑Tambour singled out gold as her top commodity holding, while Gave favored copper given expected heavy spending on power generation, grids and solar. The outlook implies stronger, sustained upside for key industrial and precious metals and a rethinking of bond-based diversification.