The stances below are c8alpha's editorial distillation of Jeff Currie's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Jeff Currie is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
2026-09-11
OIL
bullish
Bloomberg The Close · video
Product shortages are spreading upstream into crude as Chinese buyers return to exploit the wide product-to-crude spread, while simultaneous disruptions at multiple physical choke points (Red Sea, Black Sea oil ports, Panama Canal) structurally constrain…
“the shortages that were in products are now moving upstream into crude”
Stocks, Bonds Rise as US Core CPI Tops Forecasts Bolstering Case for a Rate Hike
2026-07-09
long OIL MAJORS / short AI HYPERSCALERS
pair
Wealthion · video
Oil majors generating ~15.5% free cash flow yield are a compelling relative-value long versus AI hyperscalers at near-zero FCF, as AI compute is a cyclical commodity with physical cost floors — not the zero-marginal-cost software model investors are pricing in
“you're buying these hyperscalers that pay 0% free cash flow versus these oil majors at 15.5%”
Supercycle = Gold & Silver to 7X. Jeff Currie with Steven Feldman on Open Position
2026-07-09
long ENERGY / short NVDA
pair
Wealthion · video
NVDA and the AI sector are overvalued at current market-cap weights relative to energy and hard assets, which are undervalued, and capital must rotate from the new economy to the old economy as the commodity supercycle matures — the energy S&P share expansion…
“Nvidia is way overvalued as of market cap relative to everything else and energy hard assets and metals are undervalued”
90d -0.5%
The AI Boom Has a Fatal Flaw
2026-07-09
GOLD
bullish
Wealthion · video
Fiat currency debasement since 1971 is forcing central bank reserves to become de facto gold-backed through price appreciation rather than a formal return to the gold standard, while banks without sufficient gold reserves scramble to acquire it, driving a…
“I could see 10,000 gold and $300 silver. I don't think that's an unrealistic”
90d -0.6%
Supercycle = Gold & Silver to 7X. Jeff Currie with Steven Feldman on Open Position
Said again: 2026-07-09 (Wealthion)
2026-07-09
ENERGY
bullish
Wealthion · video
Energy is only ~3% of the S&P 500 but structurally should be 10–15%, driven by chronic under-investment in refineries and oil fields creating a scarcity premium while deglobalization and electrification demand accelerates
“that share needs to be closer to 10 to 15”
90d +16.3%
The AI Boom Has a Fatal Flaw
2026-07-09
SHALLOW WATER GULF OF MEXICO OIL PRODUCERS
bullish
Wealthion · video
Shallow water Gulf assets are artificially derated by accounting rules that force upfront recognition of abandonment costs while discounting future cash flows, creating a valuation anomaly at ~1.5x earnings with strong FCF generation at $70 oil and a roll-up…
“oil is the cheapest thing on your screen and within the oil, this is the cheapest thing out there”
Supercycle = Gold & Silver to 7X. Jeff Currie with Steven Feldman on Open Position
2026-07-09
SILVER
bullish
Wealthion · video
China's dominance in solar panel manufacturing created structural demand for silver that will persist as global solar adoption continues regardless of trade disruptions, while supply remains severely constrained, supporting a supercycle move toward $300
“The upside on silver is really part of this the solar panel story”
90d -0.6%
Supercycle = Gold & Silver to 7X. Jeff Currie with Steven Feldman on Open Position
2026-07-09
Commodities Broad
bullish
Wealthion · video
Three secular tailwinds—deglobalization, electrification, and fiat-currency debasement—are simultaneously accelerating, driving a multi-year commodity supercycle that began in October 2020 and is gaining momentum
“if you like that story in 2020, you got to love it now”
90d +17.9%
The AI Boom Has a Fatal Flaw
Said again: 2026-09-11 (Bloomberg The Close)
2026-07-09
COPPER
bullish
Wealthion · video
Chronic under-investment in copper mines has created a structural supply deficit while electrification and deglobalization-driven reshoring are simultaneously surging copper demand
“we didn't invest in copper mines”
90d +5.5%
The AI Boom Has a Fatal Flaw