Commodities at a Turning Point; Cycles, Scarcity & the Case for Natural Resources with Adam Rozencwajg

In a world increasingly dominated by AI and technology narratives, are investors overlooking the opportunity unfolding in commodities?

In this episode of Goldrock’s Definitely Uncertain podcast, David Ram speaks with Adam Rozencwajg, Partner at Goehring & Rozencwajg, an investment firm deeply focused on natural resource markets. Together, they explore why commodities—long dismissed as volatile or outdated—may now offer some of the most compelling long-term, asymmetric opportunities available to patient capital allocators.

Key themes include:

• The generational valuation gap between commodities and equities
• The role of the global carry trade in distorting capital flows
• A decade of structural underinvestment in supply
• The nuanced case for specific commodities like platinum, uranium, and palladium
• Why institutional capital may be slow to return—and what that means for returns

Adam offers a macro framework for understanding commodities not as a tactical trade, but as a foundational component of a long-term investment strategy.

Click to listen, or subscribe to the Definitely Uncertain podcast for more insight-driven conversations with global investors and thought leaders.