Nearly 70% of Exchange Copper Is Now in America: Here’s Why | Ole Hansen

Gold's path to $5,000 is open as a $40T debt burden hits bonds, while 70% of exchange copper risks being stranded in the U.S. Ole Hansen, Head of Commodity Strategy at Saxo Bank, joins Jeremy Szafron to break down the severe dislocations happening across physical metals and sovereign debt.Hansen explains why gold is rallying despite 30-year Treasury yields sitting at multi-year highs, arguing that investors are demanding a premium to hold long-term government paper. In the base metals market, Hansen breaks down the massive $535 LME copper backwardation, warning that tech hyperscalers building AI data centers are now competing directly with governments for capital. He also provides an updated outlook on silver's structural deficit, mining supply constraints, and exact portfolio allocation targets for hard assets. Recorded August 18th 2026Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Ole S Hansen on X: @Ole_S_Hansen (https://twitter.com/Ole_S_Hansen)TIMESTAMPS:00:00 - Gold Defies Surging Yields01:28 - The Copper Backwardation Shock04:04 - Why Half the World's Copper Is Stranded in the US07:34 - The Prompt-Date Squeeze and LME Risk10:20 - The Aluminum Inventory Mystery11:56 - Why Copper Supply Can't Keep Up16:53 - AI Is Replacing Housing as Copper's Driver21:58 - Crowded Trades and the Pullback Risk25:29 - Copper's Shortage of Metal, Gold's Shortage of Trust27:04 - Why Gold Rises as Real Yields Surge31:17 - Gold's Path to $5,000 by Year-End32:55 - Silver's Deficit and Violent Swings36:25 - If He Could Own Just One Metal40:34 - What Would Break the Copper Bull Case#Gold #Copper #Commodities #Macro #Investing #SaxoBank #OleHansen #Silver #AI #LME #KitcoNews __________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsListen to the PODCAST on🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233🎧 All podcast episodes available here → https://kitconews.buzzsprout.comVisit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.  Live gold price and chart: https://www.kitco.com/charts/goldLive silver price and chart: https://www.kitco.com/charts/silverLive crypto market data: https://www.kitco.com/price/cryptoLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.