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Nearly 70% of Exchange Copper Is Now in America: Here’s Why | Ole Hansen
Gold's path to $5,000 is open as a $40T debt burden hits bonds, while 70% of exchange copper risks being stranded in the U.S. Ole Hansen, Head of Commodity Strategy at Saxo Bank, joins Jeremy Szafron to break down the severe dislocations happening across physical metals and sovereign debt. Hansen explains why gold is rallying despite 30-year Treasury yields sitting at multi-year highs, arguing that investors are demanding a premium to hold long-term government paper. In the base metals market, Hansen breaks down the massive $535 LME copper backwardation, warning that tech hyperscalers building AI data centers are now competing directly with governments for capital. He also provides an updated outlook on silver's structural deficit, mining supply constraints, and exact portfolio allocation targets for hard assets. Recorded August 18th 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Ole S Hansen on X: @Ole_S_Hansen (https://twitter.com/Ole_S_Hansen) TIMESTAMPS: 00:00 - Gold Defies Surging Yields 01:28 - The Copper Backwardation Shock 04:04 - Why Half the World's Copper Is Stranded in the US 07:34 - The Prompt-Date Squeeze and LME Risk 10:20 - The Aluminum Inventory Mystery 11:56 - Why Copper Supply Can't Keep Up 16:53 - AI Is Replacing Housing as Copper's Driver 21:58 - Crowded Trades and the Pullback Risk 25:29 - Copper's Shortage of Metal, Gold's Shortage of Trust 27:04 - Why Gold Rises as Real Yields Surge 31:17 - Gold's Path to $5,000 by Year-End 32:55 - Silver's Deficit and Violent Swings 36:25 - If He Could Own Just One Metal 40:34 - What Would Break the Copper Bull Case #Gold #Copper #Commodities #Macro #Investing #SaxoBank #OleHansen #Silver #AI #LME #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US: X: https://x.com/kitconewsnow Instagram: https://www.instagram.com/kitconews Facebook: https://www.facebook.com/KitcoNews LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights. Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.






