Metals and Miners, Released on 12/16/25

Dive into this explosive interview with Ferg Cullen, founder of The Trader Ferg Substack, as he breaks down why the gold-to-oil ratio could blow out while energy still crushes the market. Hosted by Gary Bohm on Metals and Miners, we cover oil underinvestment, PGM opportunities, uranium pitfalls, China’s commodity dominance, and more. If you’re into commodity investing, gold bull market, oil services, or the energy transition, this is must-watch!

0:00 – Intro
0:30 – Ferg’s Insights
2:40 – Gold vs. S&P 500: Hard Assets Set to Outperform?
3:50 – Oil Demand Surprises
8:20 – Historical Energy Abundance Ending
10:10 – Gold-to-Oil Ratio: Why Energy Wins Even as Gold Rises
12:50 – China’s Strategic Stockpiling of PGMs & Rare Earths
15:40 – Gold’s Massive Upside Potential in This Cycle
18:20 – Playing PGMs & Rhodium
20:10 – Oil Services: Most Hated Sector with Asymmetric Upside
23:50 – Uranium Miners’ Mess & Nuclear Energy Realities
27:20 – China’s AI & Energy Advantage Over the US
29:30 – Asset Ranking Lightning Round
35:10 – Key Takeaway
37:40 – Wrap-Up

Fergus Cullen, better known as Trader Ferg on Twitter, is a well-known trader and investor who has the knack of finding multi-baggers. Ferg was an asset manager in Australia, before meeting his mentor who inspired him to get into trading. This set Ferg on a path of quitting his job before he was 30, managing other people’s money for a few years, to finally managing his own finances (on a beach in Bali). He is also the publish of the Trader Ferg Substack.

  commodities, fergus cullen, gold, investing, oil, trader ferg