Inflation Shockwave As Crack Spread Hit Record High | David Jensen

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Diesel and crack spreads are the central macro shock in this interview: David Jensen argues surging fuel costs and depleted inventories are feeding a fresh inflation impulse that could push yields higher, weaken confidence in central bank guidance, and keep the bond market under pressure. He frames the setup as broadly supportive for physical hard assets, with investors rotating toward gold and silver as a hedge against a more persistent inflation shock. On precious metals specifically, Jensen points to rising physical demand for gold and silver, including higher premiums in Shanghai, as evidence of tightening in the real market even as paper markets may remain vulnerable to stress. He also flags palladium supply risks tied to geopolitics and production constraints. The interview leans bullish for metals if the inflation impulse persists and if physical demand continues to outstrip available supply, though the investment case is presented more as macro protection than a near-term price call.