Energy, Copper, and Gold ETFs and a World Running Out of Slack

Listen on The Move

When commodities stop behaving like trades and start behaving like truth detectors, portfolios—and advisors—need to rethink everything.

🎙️ Episode Summary

In this wide-ranging deep-dive, host Pierre Daillie welcomes back Tony Dong, Founder of ETF Portfolio Blueprint, to pressure-test the most common misconceptions about commodities investing.

Rather than treating commodities as volatile, short-term trading instruments, Tony reframes them as strategic portfolio diversifiers—assets whose value lies in low correlation, structural supply constraints, and long-term geopolitical realities.

Together, Pierre and Tony walk through energy, copper, gold, and silver—unpacking how ETFs actually deliver exposure, where investors get tripped up by outdated narratives, and why narrow, intentional allocations make sense. The discussion ultimately widens into geopolitics, multipolar power dynamics, and why ignoring politics is no longer a luxury for investors.

🔑 3 Key Takeaways

1. Volatility isn’t the enemy—correlation is the real story
   Commodities can be volatile on their own, but when they move differently from stocks and bonds, they can reduce portfolio risk and create a rebalancing premium when sized and managed properly.

2. Not all commodities are created equal—structure matters
   Energy equities are increasingly driven by balance sheets and capital discipline, copper faces unavoidable supply bottlenecks tied to electrification, and gold remains uniquely supported by central-bank demand. Treating them as interchangeable “inflation hedges” misses the point.

3. Narrow beats broad for most investors
   Tony argues that focused commodity exposure—gold, copper, or energy you actually understand—is easier to hold through volatility than broad commodity ETFs with mixed drivers, roll-yield drag, and tax complications.

⏱️ Timestamped Chapters

00:00 – Why commodities are misunderstood
02:20 – Volatility vs. correlation: the portfolio math advisors miss
03:45 – Futures, contango, and why old commodity ETFs disappointed
04:45 – Energy ETFs and Eric Nuttall's thesis: geopolitics vs. fundamentals
08:30 – Capital discipline, buybacks, and M&A in Canadian energy
10:10 – Copper’s biggest misconception: demand vs. supply reality
13:00 – Copper exposure: physical metal vs. mining equities
16:00 – Is a copper supercycle real—or reflexive?
18:30 – Multipolar geopolitics and why resources matter more now
25:10 – Gold vs. silver: false equivalency explained
29:45 – Broad commodity ETFs vs. targeted allocations
31:00 – Final thoughts: why portfolios don’t exist in a vacuum

Where to find Tony Dong:

Tony Dong at Linkedin
ETF Portfolio Blueprint

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