THIS IS NOT GOOD AT ALL
Look at the screen.
Gold up.
Silver up.
Copper up.
Platinum and palladium up.
Even oil.
This almost NEVER happens at the same time.
Historically, when every major commodity rallies together, it means stress is intensifying.
Here’s why this matters:
In healthy expansions, commodities move selectively.
Industrial metals rise with demand, and energy follows growth.
Precious metals usually move very slowly.
But when everything moves together, it’s a sign capital is rotating out of financial assets and into hard assets.
We saw the same setup before:
– 2000 (DOT COM BUBBLE)
– 2007 (GLOBAL FINANCIAL CRISIS)
– 2019 (REPO MARKET CRISIS)
There’s no example where this didn’t lead to a recession.
It’s not inflation pressure, it’s people losing faith in the system.
Markets are clearly signaling a few things:
– The return isn’t worth the risk anymore
– Debt levels don’t work at these rates
– Growth is weaker than it looks
Copper rallying alongside gold isn’t bullish at all.
It’s typically seen when markets are mispricing demand, just before consumption weakens and macro data catches up.
Macro data confirms trends long after markets act on them.
In late-cycle environments, equities stay complacent while real assets start signaling harsher conditions.
Watch the flow, not the story being sold.
Stress always leaks into commodities before economists update their models.
I’ve been studying macro for the last 22 years, and I’ve called the last two major market tops and bottoms publicly.
If you missed it, don’t worry, I’ll do it again because that’s my job and you don’t have to pay me even $1.
If you still haven’t followed me, you’ll regret it.
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