Adam Rozencwajg, portfolio manager at natural resources firm Goehring and Rozencwajg, joins Merryn Somerset Webb to explain why he thinks the commodity bull market may still be in its early stages. They discuss why gold could fall before reaching new highs, why US shale may have peaked and where he sees opportunities in oil and uranium. Sign up for the Merryn Talks Money newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-money Sign up for the Money Distilled newsletter https://www.bloomberg.com/account/newsletters/money-distilled Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Visit us: https://www.bloomberg.com/podcasts Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg For coverage on news, markets and more: http://www.bloomberg.com/video