At the Zurich lunch event “The Commodity Supercycle – Perspectives from Gold and Silver Producers”, Picard Angst brought together institutional investors with two industry leaders: Equinox Gold and Aya Gold & Silver. The discussion focused on how long-term trends in energy, technology and policy are reshaping demand for gold and silver – and what that means for portfolio construction.
Silver, Morocco and the Energy Transition
Aya Gold & Silver CEO Benoit La Salle underlined how scarce primary silver supply has become at a time when photovoltaics, electronics and electrification are pushing industrial demand higher. Most silver still comes as a by-product of base-metal mines, so new dedicated deposits like Zgounder and the Boumadine district in Morocco stand out and highlight the importance of jurisdiction quality. Morocco combines attractive geology with improving regulation and established infrastructure; Aya’s strategy is to build a multi-asset silver platform that offers investors direct exposure to this tightening market.
Scaling a Top-Quartile Gold Producer
Equinox Gold CFO Peter Hardie outlined how the company is scaling into a top-quartile Americas-focused gold producer. With seven operating mines and a pipeline of development projects, Equinox aims to surpass one million ounces of annual production while keeping a clear focus on capital discipline and balance-sheet strength. For investors, the combination of long-life Canadian assets, diversification across the Americas and visible growth projects provides leveraged yet increasingly resilient exposure to gold.
Investing in the Commodity Supercycle
For institutional investors, the key messages from the discussion were clear: precious metals sit at the crossroads of macro hedging and real-economy demand, jurisdiction quality matters more than ever, and growth pipelines with credible operators are scarce. Picard Angst integrates these insights into its commodity strategies, combining direct commodity exposure with selected listed equities and thematic research such as our quarterly commodities outlook.
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Event-Handout: The Commodity Supercycle – Perspectives from Gold and Silver Producers
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