Making Sense | 2026 Economic Crossroads: Trump, oil volatility, and AI uncertainty

Making Sense | 2026 Economic Crossroads: Trump, oil volatility, and AI uncertainty Vusi.Bafetane Fri, 01/16/2026 - 14:50 In this episode of Making Sense, Francis Herd and Gareth Edwards unpack the economic crosscurrents shaping the start of 2026 — from Donald Trump’s latest policy shocks to volatile oil markets, surging gold prices and the ripple effects for South Africa.The conversation begins with Trump’s renewed “America First” approach, exploring how tariffs, foreign policy uncertainty and market volatility have paradoxically worked in South Africa’s favour. With gold hitting fresh record highs and predictions of prices climbing as high as $5,000 an ounce, Francis explains why precious metals continue to buoy the JSE and support the local resource sector.Attention then turns to oil, geopolitics and fuel prices. Gareth breaks down why South Africans are enjoying four-year lows at the pump, how tensions involving Iran and Venezuela have driven sharp swings in crude prices, and what the latest Central Energy Fund outlook suggests for petrol and diesel costs in the months ahead — with major implications for inflation, transport costs and household budgets.The episode also tackles the growing uncertainty around AI and global tech markets. From Nvidia’s role in the US–China tech rivalry to questions about chip security, AI hype and the risk of a speculative bubble, Francis and Gareth explore why AI stocks remain on a rollercoaster and what this could mean for future global power dynamics.Finally, the pair examines South Africa’s delicate position amid escalating US pressure on Iran, unpacking the surprisingly small trade relationship between the two countries, the risk of secondary tariffs, and how Iran’s worsening economic crisis is now fuelling domestic unrest.As always, Making Sense cuts through the noise to connect global headlines with real-world consequences for South African investors, consumers and policymakers.Catch up on all Making Sense episodes here: https://www.enca.com/making-sense-pod...

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