Gold futures keep screaming higher to new all-time highs.

It has also rallied over 100% relative to the broader commodity complex.

But what the shiny yellow metal hasn't done this cycle is outperform stocks. We think that's about to change in a major way and here's why.

Gold is flirting with new multi-year highs relative to the S&P 500 👇

Commodities are catching a serious bid right now.

Coffee futures have resolved a nearly 50-year base, printing fresh all-time highs.

Base and industrial metals keep screaming higher as the Chinese economy strengthens. 

This is all happening at a time when commodities are supposed to be strong.

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.