Jim Iuorio

Jim Iuorio is a three-decade veteran of Chicago's futures markets and the CEO of TJM Institutional Services, a brokerage serving institutional traders in commodity and financial futures (contracts to buy or sell an asset at a set price on a future date). For gold and oil investors, his value is the read he offers on the forces that set commodity prices: interest rates, the US dollar, and Federal Reserve policy. He delivers that read in plain language as a longtime CNBC contributor, a frequent guest on the Schwab Network, and a regular analyst on the Thoughtful Money channel.

Iuorio has spent his career on the trading side of the commodity markets. At TJM Institutional Services he leads an institutional brokerage active across futures and options, from crude oil and gold to interest rate contracts. On air he is known for making explicit, testable calls: in 2026 he warned that AI stocks were only in the 'first third' of a bubble and that swiftly rising 10-year Treasury yields made the danger worse, advising investors to take profits and buy downside protection rather than abandon stocks while the mania ran.

His method is top-down and rooted in derivatives data. He watches positioning and open interest (the total number of futures contracts still outstanding) for crowded trades, options pricing for what the market fears, and real yields — bond yields minus inflation, the return gold competes against — for direction in metals. The framework is straightforward: gold tends to rally when real yields fall and the Fed turns accommodative; crude oil responds to inventories, OPEC decisions, and geopolitics; and mining shares often move further than the metal itself, which makes the macro call a timing tool for stock investors.

Iuorio is not a mining equity analyst, and investors should come to him for the backdrop, not stock picks. What he offers is timing context: when the dollar, yields, or Fed policy turn, gold and oil prices follow, and resource stocks react hardest. He publishes that view regularly as host of The Futures Edge podcast and in market commentary for CNBC and the Schwab Network.