The Fed Is Forced By Math — And Commodities React

Recorded on February 10, 2026 Trader Ferg returns with Andy Millette to map the commodity tape the way a real trader does: through physical flow, incentives, and where price discovery is actually happening. They dig into why central banks are “forced by the math,” why volatility and paper smashes can mislead, and why the premium in physical metals is the tell. The conversation runs through China’s delivery-first approach to commodities and why gold can function as settlement collateral in a shifting global trade system. From precious metals to base metals positioning (including tin and copper), the discussion stays grounded in…