As 2025 draws to a close, this episode takes a deep dive into one of the standout asset classes of the year - commodities. With equities delivering a disappointing performance, metals have emerged as the clear winners, generating supernormal returns across gold, silver, copper and aluminium. Joining the discussion is Kunal Shah, Head of Commodities Research and Trading at Nirmal Bang Securities, who reflects on an extraordinary year marked by supply shortages, global uncertainties, currency weakness and strong investor demand for hard assets. The conversation breaks down what drove silver’s 100%+ rally, the role of central banks and the rupee, and why commodities remain structurally strong. Looking ahead to 2026, Shah outlines realistic return expectations, correction risks, and his outlook on metals, copper and crude oil.