Commodity Investment Research
Real Assets. Real Value.
High-conviction investment ideas in gold, copper, and macro cycles — for investors who think in decades, not quarters.
Coverage Universe
Strategic Anchors
Gold
Monetary metals
Copper
Industrial metals
Macro Cycles
Global dynamics
Real Assets
Tangible value
Analyst
Iñigo Ezponda Igea
Analyst, Ezponda Capital
Commodity-focused investor with a macro framework built around real yield cycles, monetary policy divergence, and structural demand shifts in industrial metals. Writing for investors who want the signal without the noise.
Latest Research
Featured Theses
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Mako Mining: Four Mines, One Window, Triple the Upside
Mako Mining is a four-asset gold producer in the middle of a production build-out that nearly triples output by 2028. At today's EV, the market prices only today's two producing mines, ignoring two fully-funded growth assets that together will generate more free cash flow annually than the entire current enterprise value.
April 17, 2026
Freeport-McMoRan: The Central Bank of Copper
FCX is the world's largest publicly traded copper producer, controlling ~10% of global mined supply. As electrification and AI infrastructure create a structural demand supercycle, Grasberg, the world's richest copper-gold deposit, positions FCX as a decades-long compounder at the heart of the energy transition.
April 3, 2026
How We Think
Investment Methodology
Step 01
Macro Framework
We start with top-down macro analysis: monetary cycles, real yields, dollar dynamics, and structural demand shifts.
Step 02
Conviction Filtering
Only asymmetric opportunities make the cut. High potential return relative to clearly defined risk.
Step 03
Institutional Lens
Research is framed for serious investors — not financial media. No noise, no narratives. Just structured conviction.
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