Sharp swings across precious metals, especially gold, have thrust the sector into the spotlight, sustaining investor interest and stirring fresh debate over whether a new supercycle is emerging. Amos Fletcher, European Metals & Mining Research Analyst, joins Ronnie Wexler on The Barclays Brief to unpack what’s driving the moves.

A powerful mix of macro and structural forces is at work: shifting Fed rate cut expectations, renewed inflation‑hedging flows, dollar softness and accelerating electrification. Copper sits at the centre of the transition, with EV adoption, renewable build‑out and grid expansion driving demand higher even as supply remains constrained.

Amos breaks down the mechanics behind the latest volatility and explains how tightening supply across both industrial and precious metals could shape the next leg of price action. He also explores why, despite recent sell‑offs, stronger strategic conviction is still fuelling a rise in big‑ticket M&A across the industry.

Get a clear, accessible guide to the forces reshaping metals and mining and why this corner of the market is becoming increasingly difficult for investors to ignore.

Listeners can hear more on this topic:​

1. Barclays Brief #8 Critical Minerals: the new oil
2. Barclays Brief #7 US dollar: AI & the capex cycle
3. Barclays Brief #2 Gold: Unpacking the rally

Clients can read more on Barclays Live:​

1. Gold - Pausing for thought
2. 26 ‘What ifs’ for 2026
3. European Metals & Mining - What's priced in?

This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.

Most episodes of The Barclays Brief focus on a single market theme, but this week we have a special episode for you. Adeel Khan, our Global Head of Markets, joined hosts Ronnie Wexler and Patrick Coffey, to give you his insights across the full breadth of macro, equities and credit, bringing you perspectives from Adeel’s unique vantage point.

Adeel outlines why the global backdrop remains more resilient than headlines suggest, buoyed by a powerful US consumer and an AI investment cycle shifting decisively from infrastructure build-out to monetisation. He also explains why inflation could ease back toward 2% by year-end, and how the equity narrative is evolving as the era of beta gives way to alpha in a market that could reward precision, discipline and true stock picking skill.

The discussion then moves through the shifting FX landscape including a multi-year USD correction, low rates volatility and improving emerging market fundamentals. All this before turning to credit, where Adeel highlights why financing conditions remain robust even as dispersion continues to widen.

Looking ahead, he sets out three key predictions and the one risk that ties them all together.

Listen now for a clear cross asset view from Barclays’ Global Head of Markets and what it means for positioning in 2026.

Listeners can hear more on this topic:

•Barclays Brief #14 – Headlines to hedges: Positioning in 2026

•Barclays Brief #13 – AI: The macro game changer

•Barclays Brief #15 – Rise of the humanoid robots

•Barclays Brief #11 – Credit markets: What’s ahead for 2026

Clients can read more from Barclays Research on Barclays Live:

•US dollar: How low can it go?

•Debasement trade & broadening in full swing

•Headline exhaustion

Important Content Disclosures

Important non-Research Content Disclosures

Humanoid robotics is moving from experimentation and into a true economic inflection point. The market, valued at just $2–3bn today, is projected to expand to ~$40bn by 2035 in the base case*, with upside scenarios approaching $200bn as physical AI scales across labour‑intensive sectors.

In this episode of the Barclays Brief, Zornitsa Todorova, Head of Thematic FICC Research, joins host Patrick Coffey to unpack the shift from software‑driven AI to physical AI - the fusion of cognitive intelligence with advanced electromechanical “brawn” that enables humanoid robots to operate in human‑designed environments.

Together, they break down the macro forces accelerating adoption: ageing populations, tightening labour markets, and demographic mismatches across manufacturing, logistics, agriculture, and healthcare. They also explore how breakthroughs across the “three Bs” — brains, brawn, and batteries — have driven a 30‑fold cost collapse, positioning humanoids as a viable automation solution.

Listen in for the strategic perspective on how this shift could redefine long‑term investment themes.

Listeners can hear more on this topic:​

1. Barclays Brief #13 – AI: The macro game changer
2. Barclays Brief #12 - Robotaxis: The future of mobility
3. Barclays Brief #4 - AI Revolution: China’s Five-Year Plan

Clients can read more on Barclays Live:​

1. The future of work: AI gets physical
2. 150 investor trends to 2035: Navigating polarised outcomes

Important Content Disclosures

Important non-Research Content Disclosures

*Source: AlphaSense, Barclays Research