Darrell Fletcher – Commodity Volatility and the 2026 Outlook: Silver Spikes, Gold Records, and Natural Gas Chaos
In this episode of the KE Report, I sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to break down a historic start to 2026. Recorded on January 27th amidst extreme market swings, the discussion explores why typical fundamental drivers are being overshadowed by massive momentum shifts and unprecedented weather events.
Key Discussion Points
- The Natural Gas Short Squeeze: How a massive cold snap and production “freeze-offs” in the Permian and Haynesville basins collided with a contract rollover to send prices from $5.80 to over $7.30 in mere hours.
- Parabolic Moves in Precious Metals: A look at silver’s run to $117/oz and gold’s surge past $5,000, questioning whether these moves are driven by fundamentals or pure speculative momentum.
- The 2026 Macro Outlook: Why themes like supply chain regionalization, geopolitical tariffs, and the continued rotation into hard assets are creating a tailwind for commodities despite rising margins.
- Copper’s Sustainable Rise: Analyzing copper’s steady climb toward $6/lb as the market prepares for a significant supply deficit driven by global infrastructure and power grid overhauls.
- Currency Impacts: Assessing the role of the U.S. Dollar’s projected weakness in 2026 and how it serves as a persistent, if volatile, support for the broader commodity complex.
Click here to learn more about Bannockburn Capital Markets – https://www.bannockburnglobal.com/
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
SIL:SLV matched its all-time low this week. So far, anyone choosing to play this PM bull with silver miners instead of the metal has been very wrong (and I include myself in that group). It is what it is. People try to rationalize it by saying “Just wait until [X event]….” It’s been very frustrating and disappointing.
The real frustration will come when the ratio makes a new all-time low with silver screaming higher towards $300.
I’m personally tired of being a contrarian, and I’m tired of waiting. (The problem is the market doesn’t care about how I feel!) I want to ride an actual bull market, and in real terms, the silver miners are not in one. If anything, they are still in a bear.
The weekly RSI, stochastics and MACD are indicative of a major low being struck sometime within the next 6 months, FWIW. That’s obviously no consolation, since we can go a lot lower in the near term.
I agree, owning the physical so far has been shown to be the smart move compared to the precious metal miners, also much, much, less risk. DT
Good move in Canadian Copper and San Lorenzo continues with some good gains. We will see what Powell says as the bots are suppressing US miner prices pre-drone. Good chance he might say something inflationary and that they are giving up on addressing the debt. He probably feels most of the US voters are overweight and need to cut back to smaller portions of food except some areas of DC and Florida. My guess the miners will have a good end of week but today they me be punished as the people in the Cloud hate the outlier investors. could be too that they are giving up on trying to maintain our electric dog collars. Getting close to the word from the man ….
Silver, 15m, recovery and over $115…
Hi Ex and Matthew, do you follow Tectonic? I bought TETOF last year @ .40
Since Jan 2 it has gone from .57 to 1.61 after rising .20 today. QH likes it.
What do you think of NVO, IRV, and LIO ? I have losses in them. Thanks.