If you want to understand where commodity prices are headed, look at the yield curve.
Every major commodity bull market has been preceded by a steepening yield curve—every single one.
📈 When the yield curve bottoms and starts steepening, commodities follow.
Look at the last cycle:
The commodity index bottomed when the yield curve hit its lowest point.
When the yield curve flipped positive for the first time since 2022, commodities started trending higher.
It’s not magic—it’s liquidity and capital flows. When short-term rates fall relative to long-term rates, the market starts pricing in higher growth and inflation expectations, and commodities are the first to respond.
This is exactly why we’re positioned the way we are. Commodities don’t move in isolation—they follow macro trends, liquidity flows, and the shape of the curve.
Right now, we’re watching the yield curve steepen—so the real question is, are you positioned for the next big move?
