In this episode of Energy Newsbeat – Conversations in Energy, Stu Turley sits down with Wasif Latif, President of Sarmaya Partners, to explore the “Return to Tangibles” investment thesis. Latif explains why commodities like gold, silver, copper, and platinum are outperforming tech stocks and bonds in today’s market. He breaks down the geopolitical catalysts, surging industrial demand, and the performance of the LENS ETF—designed to capture this tangible asset boom. From silver’s breakout and platinum’s comeback to supply chain rewiring and defense-driven resource demand, this episode is a masterclass on navigating a deglobalizing, resource-constrained world.

7% retracement is another instance of the market digesting gains rather than signaling exhaustion. We see this spike in volatility as a healthy reset, not a sign of weakness. It’s how long-term strength shows up and builds momentum.

· Deficits, not just interest rates, are driving liquidity creation. With Social Security, Medicare, and Net Interest absorbing more than half of all U.S. federal outlays, fiscal consolidation seems a politically impossible. This structural imbalance anchors gold’s long-term bid as policymakers rely increasingly on monetary and fiscal accommodation to finance spending.

· Central banks have become systematic gold buyers, treating it as a Tier 1 reserve asset amid rising geopolitical fragmentation and declining trust in fiat discipline. Their price-insensitive accumulation sets a structural floor beneath the market. For investors, the behavioral edge lies in patience, the capacity to stay invested through cyclical volatility in a secular uptrend.

See how energy plays into the return to tangibles.

As always, Wasif, thank you for stopping by! - Stu

Substack: https://sarmayakar.substack.com/

Check out https://sarmayapartners.com/

LinkedIn: https://www.linkedin.com/in/wasiflatif/

Highlights of the Podcast

00:00 – Intro

00:56 – JP Morgan’s $10B Strategic Investments

02:11 – Rise of Geopolitical Investing & Strategic Imperatives

02:28 – Return to Tangibles: The Core Thesis

04:36 – Ringing the Bell: Launch of LENS ETF

05:37 – Silver Breaks Out: Early Stages of Bull Run

09:00 – Precious Metals vs. Tech & Bonds

11:05 – Platinum’s Comeback & EV Reality Check

13:55 – Geopolitics, Military Spending & Commodity Demand

15:30 – "We're in the Stuff Shovels Pick Up"

17:40 – Oil Lagging—But Not for Long

19:56 – LENS ETF Performance YTD

21:21 – How Samarya Partners Invests Differently

23:50 – Gold vs. S&P500 (Real Returns)

25:17 – Inflation Outlook & Rate Cuts

27:12 – AI, Data Centers & Energy-Driven Inflation

30:18 – Long-Term Trends: Stagflation, Labor vs. Capital

30:20 – How to Reach Wasif Latif

Check out the Transcript at EnergyNewsBeat.co

Check out the additional article at https://theenergynewsbeat.substack.com/