Ted Oakley: Gold at $10,000 Wouldn't Surprise Me

Get your tickets NOW for the Vancouver Resource Investment Conference. January 24th-25th, 2027: https://vricmedia.com/conference

Ted Oakley, CEO and founder of Oxbow Advisors, joins Darrell to discuss the risks he sees in today’s highly concentrated stock market and why he believes investors should be paying more attention to hard assets. Ted compares the current AI boom to the late 1990s, explains why he remains cautious on long-duration bonds, and shares his outlook for energy, gold, miners, royalties, and cash. He also discusses why broad index investors may be less diversified than they think and why protecting capital becomes especially important later in life.

Check out Ted's work:

https://x.com/Oxbow_Advisors

https://oxbowadvisors.com/

https://www.youtube.com/@OxbowAdvisors

Register today for the Above & Beyond Summit: https://abovebeyondsummit.com/index.html

Follow Darrell on X: https://x.com/MoneyLevelsShow

Follow the VRIC on X: https://x.com/vricmedia

Follow the VRIC on Instagram: https://www.instagram.com/vric_media/

Learn to invest alongside the top minds in commodities. Join The Commodity University today: https://join.thecommodityuniversity.com/?affiliate=darrellthomas

Sign up for Jay’s newsletter at https://2ly.link/211gx

0:00 The biggest risks Ted sees today

3:02 Is the AI boom starting to look like 1999?

4:38 How far could the S&P 500 fall?

5:32 Why Ted prefers energy and gold

7:51 Why energy may still have further to run

9:16 Where Ted is investing across the energy sector

12:42 Ted’s outlook for gold

14:57 Why central banks are supporting gold

16:46 Why Ted still likes gold miners

18:58 Why he avoids most junior miners

21:32 Why Ted is staying away from long bonds

22:56 The end of the 40-year bond bull market

25:04 Why investors should hold dry powder

26:33 The hidden concentration inside index funds

28:59 Why older investors may be taking too much equity risk

Copyright © 2026 Cambridge House International Inc. All rights reserved.