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

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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

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*Source: AlphaSense, Barclays Research

In just the first two weeks of 2026, investors have had a lot to take in amidst fast-moving headlines and shifting policy signals.​

In this episode of Barclays Brief, Global Head of Macro Distribution Kristen Macleod joins host Patrick Coffey to unpack how investors are navigating a market defined by both optimism and caution. They break down key positioning themes from curve steepeners and real yields in rates to USD‑centric FX trades and selective exposure to commodities. They also examine the defensive side of the market, including long‑duration hedges such as gold. ​

​Listen in to get the strategic view on how macro investors are positioning right now. ​

​Listeners can hear more on this topic:​

1. Barclays Brief #13 – AI: The macro game changer ​
2. The Flip Side # 79 – Will the US consumer hold up in 2026? ​

​Clients can read more on Barclays Live:​

1. Macro Outlook: No turning back​
2. Are inflation markets calm or complacent?​
3. Thinking Macro: Eyes on the prize​
4. Trump calls for one-year cap on credit card rates at 10%​
5. Unprecedented times at the Fed​
6. To lower the mortgage rates, think Treasuries

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.

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While traditional macroeconomic factors such as labour markets, central bank policy and inflation are all important considerations for 2026, the economy is “going to live or die” by what happens with AI, according to Global Chairman of Research Ajay Rajadhyaksha.​

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In the first Barclays Brief episode of 2026, Global Head of the Product Management Group Patrick Coffey welcomes Ajay back to discuss why AI is the dominant force shaping the global economy, and what risks and opportunities investors should watch out for as the story unfolds. ​

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Listen in to get the big picture on what’s shaping markets this year.​

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Listeners can hear more on this topic:​

1. Barclays Brief #10 – Seismic Shifts: Agentic AI in Energy ​
2. Barclays Brief # 11 – Credit markets: What’s ahead for 2026​

Clients can read more on Barclays Live:​

1. Macro Outlook: No turning back​

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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.

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2026 is expected to be a breakthrough year for the US robotaxi market, as autonomous vehicles shift gears from pilot projects to large-scale deployment across major cities.

Some players are expanding their fleets and coverage, while others are working to remove safety drivers and enter new metro areas. Meanwhile, several ride-hailing companies face strategic challenges as they invest in fleets but lack proprietary AV technology.

In this week’s episode, Senior Research Analyst for the Internet Sector, Ross Sandler, and Global Head of the Product Management Group, Patrick Coffey, discuss the emerging investment themes, from rapid fleet growth to evolving partnerships and the race to improve remote operator ratios for cost efficiency.

Listen in as they map out where the robotaxi journey is headed in 2026.

Listeners can hear more on this topic:

•Flip Side #76 – Is the AI investment cycle a sign of history repeating?

•Barclays Brief #7 - US dollar & the AI capex cycle

Clients can read more on Barclays Live:

•Charts Worth a Look: The US Robotaxi Market Heading into 2026

•Tesla, Inc. - FSD data driving excitement...we see considerations, but narrative remains intact

•What if... robotaxis & ride-hail drive a $42bn alcohol boom in the US?

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If you spent 2025 watching credit and thinking “this feels suspiciously quiet,” you are not alone. Barclays’ Global Head of Research, Brad Rogoff, and Global Head of Equities Distribution, Ronnie Wexler, walk through the late‑cycle credit playbook for 2026: why spreads might finally move, how trillion‑dollar ambitions for AI are colliding with debt markets, and why private credit’s rapid growth brings new complexity and risk.​

They also examine structural credit market shifts, such as portfolio trading and liquidity dynamics, and what they could mean for stability as financing needs expand across public and private markets. Dive into the full conversation to explore where credit markets may go next.​

Listeners can hear more on this topic:​

Barclays Brief Ep. 5: Private credit: Hidden interconnectivity​

Barclays Brief Ep. 6: Hyperscalers: Hypergrowth, higher risk ​

Clients can read more on Barclays Live:​

Not just sunshine and rainbows: https://live.barcap.com/go/publications/link?contentPubID=FP692f6577b7837d79e2140dee&restriction=DEBT​

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Conversations about AI often revolve around the outlooks for the Mag7, capex or the resources required to power the technology. This episode of the Barclays Brief explores agentic AI’s potential for tangible results if applied to the energy industry. Lydia Rainforth, Head of European Energy Equity Research, joins Patrick Coffey to explain how agentic AI, defined as systems that plan, decide and act without human intervention, could unlock $80bn in productivity gains by 2030. ​

The bulk of productivity gains could be realised in upstream – the exploration and extraction of raw oil and natural gas. Lydia breaks down practical use cases from faster seismic interpretation and higher hit rates in exploration to more precise, increasingly autonomous drilling. They also look at the hardware offering innovation in predictive maintenance using drones and robots that could cut downtime and increase output. ​

Listen now to hear the insights and the introduction of Barclays’ AI Readiness framework (BAIR), which allows clients of Barclays Investment Bank to see companies graded by their level of implementation of AI, helping identify potential winners and laggards.

Listeners can hear more on this topic:​

Barclays Brief Ep 6 - Hyperscalers: Hypergrowth, higher risk

Barclays Brief Ep 7 - US dollar & the AI capex cycle

Barclays Brief Ep 8 - Critical minerals: the new oil

Clients can read more on Barclays Live:​

New Horizons – Agentic AI, the $80bn game-changer for energy

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