In this interview, Clem Chambers, a financial markets commentator and Forbes contributor, talks about the volatile swings in precious metals and what he’s doing about that. He explains why he sold silver after a classic “up like a rocket, down like a rock” blow-off pattern, argues that gold’s strength is being driven by strategic demand tied to geopolitical stress, and claims this could be the early innings of a multi-year commodities run powered by broken supply chains, global stockpiling, and AI’s looming appetite for energy and raw materials, with particular interest in copper and platinum-group metals alongside a general skepticism toward most junior miners.
TL;DR
Clem Chambers’ whole pitch is basically to stop treating metals like a casino, size positions so volatility can’t force you into dumb decisions, and focus on the big drivers not the daily screaming. He argues gold’s real use case is strategic (governments stockpiling for geopolitical stress), with silver acting as the retail/FOMO fast horse that can rocket up, then crack in a classic hockey stick blow-off before settling back into equilibrium. Margin hikes and wild swings are, to him, tactical pressure that flushes leverage, not a change in the longer-term thesis, and he says the trade resumes once volatility compresses and direction reveals itself. He’s broadly bullish on a multi-year to decade-plus commodity run fueled by fractured supply chains and stockpiling, plus an AI-driven energy buildout that will demand huge volumes of raw materials, but he’s skeptical of most juniors because the failure rate is the norm. Instead, he prefers liquid, big miners and metal-backed ETFs. He flags platinum/palladium as especially interesting due to constrained supply and concentrated production, and says copper is a coming next act candidate.
- Risk and leverage management matters more than being right in a whip-sawing metals market.
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Clem Chambers’ core message was basically not to overcommit, don’t trade noise, and don’t confuse high volatility with high opportunity unless you enjoy donating stomach lining to the market. The practical investor takeaway is that margin, liquidity, and position sizing can force outcomes even when the longer-term thesis is intact, which is exactly why exchanges jack up collateral during chaos, such as the CME Group raising margins again amid extreme gold/silver volatility, effective after the Feb 6, 2026 close, per Reuters.
– - His bullish metals framing rests on geopolitics, reserve behavior, and reindustrialization, not price action.
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The underlying reasoning for his thesis on gold is that official-sector buying has stayed exceptionally strong, with central banks adding 1,045 tonnes in 2024 (third straight year above 1,000t), and geopolitics explicitly showing up in the official-sector narrative. In other words, Clem says whether you call it “war premium” or “reserve diversification,” the demand is not just coin-shop cosplay. That’s why he’s watching the de-noised trend and waiting for volatility compression before getting too near-term bullish.
– - A commodity bull market doesn’t automatically make junior miners investable.
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Clem Chambers says he prefers big, liquid miners (specifically companies like Glencore and Freeport-McMoRan) and uses big, tradable expressions (equities/ETFs) because the hit-rate problem in juniors is structural, not cyclical. Where he gets more specific is PGMs. He likes platinum and palladium partly because annual mined supply is tiny (platinum roughly ~190 t/yr; palladium in the same order of magnitude), and he cited concentration risk, which is directionally consistent with public supply statistics. His exposure of choice is Sibanye-Stillwater.
Clem Chambers Interview
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