Our monthly podcast brings you big-picture insights from leading investment experts, exploring the opportunities, challenges and risks shaping investor portfolios.

In this month's episode, our guest is Olivia Markham, manager of BlackRock World Mining. We cover a wide range of topics including the forces driving gold and silver higher, why copper and uranium could be the defining metals of the energy transition and whether the long-awaited rotation into commodities is finally becoming a reality.

00:00 Introduction

00:32 Background to fund management

01:40 Key drivers of the gold rally

03:24 Impact of issues in Middle East

05:05 Physical ETFs vs mining equities

07:03 Outlook for gold prices

07:57 Silver: gold's shadow v industrial drivers?

09:25 Is copper the new oil?

12:07 Investment case for uranium

14:23 Commodity demand in China

16:41 M&A in the mining sector

20:02 Rotation into commodities

23:10 Best investment advice

24:57 Risk warning

Please note that this podcast was recorded on 20 March 2026.