Episode
Adrian Day: Increasing Oil Exposure, The Most Undervalued Resource Stocks & Gold
- Podcast
- Palisades Gold Radio
- Published
- May 27, 2026
- Duration seconds
- 3538
- Processing state
not_requested
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Summary
Stijn Schmitz welcomes Adrian Day to the show. Adrian Day is CEO of Adrian Day Asset Management & Manager of EuroPacific Gold Fund. Day sees the recent weakness in oil as a potential buying opportunity, particularly if a peace deal triggers a further short-term drop. He argues that beyond temporary disruptions, the underlying supply picture is bullish because oil has been chronically underinvested for years. With US shale production peaking and no clear new major source of global supply to meet consistent demand growth, he views a sustained move above $150 per barrel as a plausible base case. He is waiting for exaggerated drops in oil stocks to build positions, favoring companies with strong balance sheets. Broadening the discussion to the wider commodity complex, Day notes that resource stocks are near 100-year lows relative to the equity market. He identifies a long-term cycle shift where foreign markets are beginning to outperform the US after 15 years of underperformance, a trend he expects to continue for years. This rotation out of large-cap US tech into international value creates opportunities in deeply undervalued markets like the UK, Hong Kong, and Singapore. Regarding precious metals, Day believes gold and gold stocks currently offer the best risk/reward. Central bank and institutional buying remains price-agnostic and robust, driven by a strategic desire to diversify away from the dollar. While short-term interest rate narratives have held back some buyers, he argues that an eventual peace deal would allow rate cuts, which is very positive for gold. Valuations across royalty companies and mid-tier producers are historically attractive on free cash flow metrics. He advises clients with existing large allocations to hold firm, while those new to the sect…