Real Vision: Finance & Investing · Real Vision Podcast Network

Oil, Metals, and More Geopolitical Risk | Macro Mondays: Feb. 2, 2026

·33 min·3 clips

Andreas explains why silver's 30% intraday crash is the biggest drawdown in modern financial history.

Silver had everyone a little too packed in, apparently. The episode opens with the fallout from a volatility shock that hit popular trades hard, including people who may not have realized how exposed they were. Andreas is not chasing silver here. He says the risk-reward looks weaker than in other corners of the market, which is the useful point under all the metal talk. Calmer price action matters now. If investors are already net long markets, quieter metals would probably help more than another burst of cross-asset stress. Then Mikkel turns to the Reuters-reported story about a $12 billion U.S. mineral stockpile. That headline drops straight into the decoupling conversation they have been following, with China clearly in the background. The proposed stockpile is framed around support for U.S. manufacturing, with possible read-throughs for metals, manufacturing bets, and refinement exposure. But the hosts do not treat the policy as settled. Details are scarce, and Andreas says he would be surprised if copper were not part of the discussion. That is the tension in the episode. The headline sounds large, and it may matter for metals, but the market impact depends on which materials make the list and how the program works. Mikkel keeps pulling it back to portfolios: can this broaden interest beyond silver, or is it just another crowded trade with a better story? The answer stays cautious. There is a policy hook, a macro theme, and a China-countering frame, but the hosts keep asking whether the return is worth the risk.

As heard by us

A clear metals and policy update on how fast crowded trades can get hit.

Real Vision centers the episode on metals, with silver volatility, crowded trades, and a fresh U.S. mineral stockpile headline all feeding the same macro line of thought.

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Why you'd press play

If silver just whipsawed you, this helps you reset your macro lens.

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