Steve Hanke is a professor of applied economics at Johns Hopkins University and one of the world's best-known authorities on inflation, currency regimes, and hyperinflation. A former economic adviser in the Reagan administration, he publishes a widely followed weekly inflation dashboard on X.
Current predictions
Diesel: Steve is bullish on diesel. (updated 2026-09-20)
Oil: Steve is bullish on oil. (updated 2026-09-19)
Oil: Steve is bullish on oil in the short term (Aug–Oct 2026). (updated 2026-08-20)
Copper: Steve is bullish on copper. (updated 2026-09-18)
Gold: Steve is bullish on gold. (updated 2026-09-09)
Long-Term Treasuries: Steve is bearish on Long-Term Treasuries. (updated 2026-09-03)
Silver: Steve is bullish on silver. (updated 2026-08-13)
Prediction history
2026-09-20 — Steve is bullish on diesel. (source: Just as US diesel prices hit RECORD HIGHS, ExxonMobil’s refinery in Joliet, Illinois was forced to SHUT DOWN because of…)
2026-09-19 — Steve is bullish on oil. (source: Organization for Economic Co-operation and Development (OECD) countries in Europe imported 577,000 barrels a day of Sau…)
2026-09-18 — Steve is bullish on diesel. (source: The US heating oil crack spread, the difference between crude oil and heating oil prices, has SURGED to $117 a barrel.…)
2026-09-18 — Steve is bullish on copper. (source: The world's LARGEST copper mine, which is located in Indonesia, was hit by a fatal mudslide in September. Freeport-McMo…)
2026-09-17 — Steve is bullish on diesel. (source: S&P Global reports that global diesel fuel exports in August were down by 25% from a year earlier. S&P Global concludes…)
2026-09-13 — Steve is bullish on oil. (source: Commodity market guru Jeff Currie on the SOARING crude oil prices: “I have never seen so many chokepoints being hot… Th…)
2026-09-12 — Steve is bullish on oil. (source: Piper Sandler warns that shrinking global oil buffers and disrupted Middle East crude exports are converging ahead of p…)
2026-09-12 — Steve is bullish on diesel. (source: Industry officials at the Asia Pacific Petroleum Conference warn that the global diesel market HAS NOT SEEN THE WORST O…)
2026-09-12 — Steve is bullish on diesel. (source: US diesel prices have reached a RECORD HIGH of $6.06 a gallon. That is the FIRST TIME IN HISTORY that the national aver…)
2026-09-10 — Steve is bullish on oil. (source: Saudi Arabia is RUNNING OUT OF OPTIONS to export its oil. With the Strait of Hormuz effectively closed and Houthi attac…)
2026-09-09 — Steve is bullish on gold. (source: The Central Bank of China bought a WHOPPING 650,000 troy ounces of gold in August. That's its LARGEST monthly purchase…)
2026-09-09 — Steve is bullish on oil. (source: If attacks on shipping in the Middle East intensify, Goldman Sachs warns that crude oil could REACH $120 per barrel. ST…)
2026-09-09 — Steve is bullish on copper. (source: The price of copper on London's LME is SOARING. Morgan Stanley now reports that this year could mark the first annual d…)
2026-09-07 — Steve is bullish on copper. (source: Copper notched its 10th straight weekly gain, the LONGEST STREAK since 1994. STAY LONG COPPER. https://x.com/steve_hank…)
2026-09-07 — Steve is bullish on diesel. (source: Diesel hit an ALL-TIME HIGH of $5.85/gal in the US. That's above the 2022 record. STAY LONG DIESEL AND REFINED PRODUCTS…)
2026-09-05 — Steve is bullish on oil. (source: As Trump’s war on Iran constrains Middle Eastern oil supplies, Asian buyers are now stepping up crude purchases from Br…)
2026-09-04 — Steve is bullish on gold. (source: RBC forecasts gold will REACH $5,000 per ounce by the end of 2026 and $5,300 per ounce in 2027. I STICK TO MY FORECAST…)
2026-09-04 — Steve is bullish on diesel. (source: Diesel is trading at over $100/barrel premium over crude in Europe for the FIRST TIME IN HISTORY. STAY LONG DIESEL AND…)
2026-09-03 — Steve is bullish on diesel. (source: The average cost of diesel fuel in the US is $5.69/gallon. That's nearing its April war-time high. Global refining shor…)
2026-09-03 — Steve is bullish on oil. (source: Oil stocks at Cushing, Oklahoma, the largest private oil storage site in the US, have fallen to just 22 million barrels…)
2026-09-03 — Steve is bearish on Intermediate Treasuries. (source: Rates To Jump 50 Basis Points: ‘Red Zone’ Next Warns Economist Steve Hanke)
2026-09-03 — Steve is bearish on Long-Term Treasuries. (source: Rates To Jump 50 Basis Points: ‘Red Zone’ Next Warns Economist Steve Hanke)
2026-09-02 — Steve is bullish on oil. (source: The US Strategic Petroleum Reserve fell by 3.1 million barrels to 286.6 million barrels. That is the LOWEST LEVEL since…)
2026-09-01 — Steve is bullish on gold. (source: Goldman Sachs expects gold to reach $4,900/oz by the end of 2026. The bank cites continued strong central bank buying a…)
2026-08-28 — Steve is bullish on diesel. (source: Ukrainian drones have taken out another major Russian oil refinery. One of Russia's biggest oil companies, Lukoil, now…)
2026-08-27 — Steve is bullish on gold. (source: Citi raised its near-term gold target to $4,800 an ounce, while JPMorgan notes gold could reach $5,000 an ounce. I STIC…)
2026-08-20 — Steve is bullish on copper. (source: The US imported over 200,000 TONNES of refined copper in July, the largest monthly amount in 12 YEARS. STAY LONG COPPER…)
2026-08-20 — Steve is bullish on oil in the short term (Aug–Oct 2026). (source: My take in @FortuneMagazine on how the bond market is the ONLY MARKET that's pricing risk: "The equity market is sleepw…)
2026-08-20 — Steve is bearish on Intermediate Treasuries. (source: My take in @FortuneMagazine on the BOND VIGILANTES: "The bond vigilantes have come out of hibernation to punish reckles…)
2026-08-19 — Steve is bullish on gold. (source: In Kitco News’ most recent Weekly Gold Survey, 90% of polled analysts were bullish on gold’s outlook in the short term.…)
2026-08-19 — Steve is bullish on oil. (source: Commodity market guru Jeff Currie on it's just a matter of time before oil prices will SURGE: “In August [oil inventori…)
2026-08-18 — Steve is bullish on gold. (source: The weekly gold premium in China, the gap between the price of physical gold in China and the comparable international…)
2026-08-18 — Steve is bullish on gold. (source: What Happens When Yen Collapses? Economist Steve Hanke On Next Currency Crisis)
2026-08-16 — Steve is bullish on oil. (source: As Trump's war on Iran SQUEEZES global oil supply, the U.S. Strategic Petroleum Reserve reaches critical lows. TRUMP'S…)
2026-08-15 — Steve is bullish on gold. (source: Duetsche Bank estimates that central bank gold demand HIT A RECORD $45 BILLION in the second quarter of this year. BUY…)
2026-08-13 — Steve is bullish on silver. (source: Silver just SURGED to a 7-week high near $66/oz, up nearly 70% YoY. Safe-haven buyers and solar/grid manufacturers are…)
2026-08-12 — Steve is bullish on oil. (source: As a result of Trump's war of choice on Iran, the U.S. Energy Information Administration has RAISED its crude oil price…)
2026-08-12 — Steve is bullish on oil. (source: Crude oil stocks in China’s Shandong province FELL by 35 million barrels in July. That's the biggest monthly draw in OV…)
2026-08-11 — Steve is bullish on oil. (source: My take in @NEWSMAX on the inevitable oil price spike: "Once you run out of inventory, you no longer have a deficit, yo…)
2026-08-11 — Steve is bullish on oil. (source: Crude oil stocks in the US Strategic Petroleum Reserve FELL by 6.1 million barrels last week. That's the biggest draw i…)
2026-08-09 — Steve is bullish on oil. (source: I spoke with @wealthion on what will be an inevitable oil price spike: “Inventories have made up for the deficiency com…)
2026-08-06 — Steve is bullish on oil. (source: The Bond Market Is Flashing a Major Warning | Steve Hanke)
2026-08-06 — Steve is bearish on Intermediate Treasuries. (source: The Bond Market Is Flashing a Major Warning | Steve Hanke)
2026-08-06 — Steve is bearish on Long-Term Treasuries. (source: Yen Bailout Failing? Are Bond Vigilantes Back? Economist Steve Hanke Answers)
2026-07-29 — Steve is bullish on oil. (source: Crude oil stocks in the US Strategic Petroleum Reserve FELL by 3.7 million barrels last week to 307.7 million barrels.…)
2026-07-22 — Steve is bullish on gold. (source: $20,000 Gold Revalue? Can It Erase U.S. Debt? Economist Steve Hanke Answers)