Deglobalization Drives Commodities Bull Market; Karniol-Tambour Favors Gold, Gave Backs Copper

According to Bridgewater Associates Co-Chief Investment Officer Karen Karniol-Tambour and Gavekal CEO Louis-Vincent Gave, speaking at the Sohn Montreal Conference, a shift away from globalization toward geopolitical competition and strategic resource hoarding is creating conditions for sustained commodity strength. Karniol-Tambour described the environment as "modern mercantilism," where nations prioritize national resilience over economic efficiency, driving demand for commodities, rare earths, and energy infrastructure.

Karniol-Tambour identified gold as her highest-conviction holding due to rising geopolitical fragmentation and reserve security concerns, while Gave favored copper, citing enormous investment required to expand electricity grids and renewable energy infrastructure globally.