Jonathan Tulkoff
Three decades navigating global metals and industrial commodity markets — from physical steel trading floors to institutional portfolio management.
A Career Rooted in Physical Markets
Jonathan Tulkoff is a metals strategist whose career spans the full spectrum of industrial commodity markets — from the physical trading of ferrous steel to macro-driven futures positioning across base metals, precious metals, and battery materials.
He began his career as a currency trader at Marc Rich & Co., where he developed the foundational understanding of global commodity flows, geopolitical risk, and supply chain dynamics that would define his approach for the next three decades. He went on to serve as Vice President of Acquisition and Development at Forest City Enterprises, a publicly traded real estate development company, before transitioning fully into commodity markets. Jonathan then managed Game Creek Inc., building deep expertise in ferrous markets and physical commodity networks spanning miners, producers, mills, scrappers, and end users worldwide.
In 2016, Jonathan founded Commodity Asset Management (CAM), a metals-focused trading fund managing discretionary strategies across ferrous and non-ferrous metals markets. He sold the fund to ETG, a global physical commodities merchant, in 2023. He then served as Co-CEO of CAM Multi-Strat Asset Management (CAMMS) from 2024 to 2025, helping build a multi-strategy platform that applies institutional discipline across commodity sub-sectors. He has also served as an independent board director at Pioneer Power Solutions (NASDAQ: PPSI) since 2009, where his metals and commodity expertise directly informs the company's manufacturing strategy. His focus area is metals strategy — identifying macro-driven supply and demand dislocations in industrial metals markets, with a particular emphasis on sectors undergoing structural change due to decarbonization, electrification, and evolving global trade policy.
His investment philosophy is discretionary and fundamental: grounded in on-the-ground intelligence from a global network of industry contacts, informed by alternative data, and guided by a disciplined approach to risk management developed over decades of navigating volatile commodity cycles.
Areas of Focus
Ferrous & Steel
Deep expertise in hot-rolled coil (HRC), iron ore, scrap, and rebar markets developed through decades of physical steel trading. Fundamental understanding of domestic and international supply chains, capacity dynamics, and trade policy impacts.
Base & Industrial Metals
Extensive experience across the LME and CME complexes — aluminum, copper, nickel, zinc, lead, tin, and cobalt. Focus on structural supply-demand imbalances driven by underinvestment in mining capex and rising global demand.
Precious & Battery Metals
Active in palladium, platinum, silver, cobalt, and lithium markets. Particular focus on metals critical to the electrification and decarbonization of the global economy — EV batteries, renewable energy infrastructure, and hydrogen production.
Physical Trading Networks
Proprietary relationships across the entire industrial commodities value chain — from raw material suppliers and miners to mills, manufacturers, warehouses, and shippers. This network provides differentiated, real-time market intelligence.
Macro & Geopolitical Analysis
Commodities do not trade in isolation. Jonathan integrates macro-economic conditions, currency dynamics, trade policy shifts, and geopolitical events into every market thesis — informed by the same framework developed during his years as a currency trader.
Risk Management
A disciplined, process-driven approach to position sizing, stop-loss execution, and portfolio construction developed through multiple commodity cycles. Rigorous focus on liquidity, concentration limits, and downside mitigation.
Professional Experience
Director
Independent board director and audit committee member at Pioneer Power Solutions, a publicly traded provider of electrical power solutions including distributed energy resources, power generation equipment, and critical power services. The board values Jonathan's strategic, international, and executive leadership experience — particularly his deep expertise in commodity markets for metal products, which represent a significant component of the company's manufacturing costs.
Co-CEO
Helped build a multi-strategy asset management platform applying institutional discipline across commodity sub-sectors. Led the metals strategy, focused on identifying supply-demand dislocations in industrial metals markets through fundamental research, alternative data, and a global network of industry contacts.
Founder & Managing Member
Founded Commodity Asset Management in 2016, a metals-focused trading fund. Managed discretionary strategies across ferrous and non-ferrous metals markets. Sold the fund to ETG, a global physical commodities merchant, in 2023.
Steel Trader & President
Built and led a physical steel trading operation, developing deep expertise in ferrous markets across the full supply chain. Managed trading positions in HRC, scrap, and related products while cultivating a global network of producers, end users, and intermediaries.
VP, Acquisition & Development
Served as Vice President in the acquisition and development division of Forest City Enterprises, a publicly traded real estate development company. Gained experience in deal structuring, capital markets, and large-scale asset evaluation before transitioning fully into commodity markets.
Currency Trader
Began his career trading currencies at Marc Rich & Co., one of the most prominent commodity trading firms of its era. Developed a foundation in global macro analysis, commodity-linked currency dynamics, and the interconnectedness of physical commodity flows and financial markets.
Background
Bachelor of Business Administration
Baruch College, City University of New York — 1994
NFA Series 3
Licensed commodity futures professional
Beyond the Markets
Jonathan's commitment to building bridges extends beyond commodity markets. He serves as Chairman of the U.S. Board of Gesher, a leading Israeli organization dedicated to fostering unity and dialogue across the diverse sectors of Israeli society.
Founded on the belief that a cohesive society requires active effort to bridge cultural, religious, and ideological divides, Gesher works across education, military service, employment, and community to bring together people from all backgrounds. The organization's programs have trained thousands of leaders and facilitated dialogue among communities that rarely interact — building mutual understanding where it matters most.
As Chairman of the U.S. Board, Jonathan helps lead the organization's international engagement and fundraising efforts, supporting Gesher's mission of building a more unified Israel.
Gesher
Gesher — Hebrew for "bridge" — works to build a unified and cohesive Israeli society by bridging divides between religious and secular communities through education, leadership development, and facilitated dialogue.
Visit Gesher USA →Market Commentary
Perspectives on industrial metals markets, supply chain dynamics, and the macro forces shaping commodity prices. Published on Substack — subscribe for regular updates.
Copper's Structural Deficit and What It Means for Electrification
Why decades of underinvestment in mining capex are converging with surging demand from EVs, grid infrastructure, and data centers.
Steel Markets in 2026: Trade Policy, Capacity, and the Path Forward
A look at how tariffs, new domestic capacity, and shifting global trade flows are reshaping the ferrous landscape.
Battery Metals: Separating Signal from Noise
Cobalt, lithium, and nickel face volatile near-term pricing, but the long-term structural demand story remains compelling. Where the opportunity sits today.
Get in Touch
For inquiries about metals strategy, market commentary, or professional opportunities.
Jonathan@tulkoffny.com