Otavio (Tavi) Costa(@TaviCosta):An important reminder for the weekend: The oil-to-gold ratio remains near historically low levels, and the era of cheap energy is likely coming to an end. It’s hard to imagine countries not becoming far more aggressive in building strategic reserves after the recent supply shocks. The reality is that it’s very difficult to get the deglobalization toothpaste back in the tube. This dynamic creates a structural floor for energy prices that the market still underappreciates.

Otavio (Tavi) Costa

@TaviCosta

Founder & CEO of Azuria Capital LLC. Macro thinker, history student, value-oriented investor. Native of Sao Paulo, Brazil 🇧🇷 E-mail: tavi@azuriacapital.com

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Otavio (Tavi) Costa@TaviCosta

2026.04.19 15:28

An important reminder for the weekend: The oil-to-gold ratio remains near historically low levels, and the era of cheap energy is likely coming to an end. It’s hard to imagine countries not becoming far more aggressive in building strategic reserves after the recent supply shocks. The reality is that it’s very difficult to get the deglobalization toothpaste back in the tube. This dynamic creates a structural floor for energy prices that the market still underappreciates.