April 21, 2026

Forget Valuations. Hard Assets Go Higher (Tony Greer)

Show Notes

We sat down with Tony Greer, founder of TG Macro and a 35 year Wall Street veteran whose career has seen him on the desk at banks from Sumitomo to UBS and onto Goldman Sachs’ commodities arm, where he operated the firm’s gold and silver books.Tony reads markets through a lens we rarely use on this show: pure price action, sentiment, and sector rotation, with valuation deliberately off the table. That framework has landed him in the same ideas we get to from fundamentals… Gold & the miners, industrial commodities, energy and uranium.We cover:

• What his early days talk him about how precious metals trade

• How he arrived at the debasement trade

• Why this market has him on edge

• His current long book across gold, gold miners, industrial miners, and energy

• Why he ignored uranium for 5 years before the sector started leading

• Trump era resource nationalism, • The 60/20/20 portfolio shift, and why he believes we’re in year one of a decade long commodity cycle

Follow Tony:

X - https://x.com/TgMacro

LinkedIn - https://www.linkedin.com/in/tony-greer-93b319b6/

Subscribe for more conversations with leading voices in resources and mining.

Episode recorded: 04/20/2026

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TIMESTAMPS

(0:00) Meet Tony Greer
(1:10) Australia Travel Story
(2:50) Debasement Trade Setup
(5:10) Resource Nationalism Shift
(19:10) Markets Ignore Headlines
(22:20) Gold Miners and AI Bubble
(38:40) Uranium Trend and Wrap

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