Excellent macro analysis. The commodity supercycle is increasingly driven by supply constraints rather than demand—copper and silver are showing classic supply-driven dynamics. What's particularly interesting is how this diverges from the Fed policy expectations markets have priced in. The real question is whether the tightness translates to sustained pricing power or if demand destruction offsets supply relief.
Excellent macro analysis. The commodity supercycle is increasingly driven by supply constraints rather than demand—copper and silver are showing classic supply-driven dynamics. What's particularly interesting is how this diverges from the Fed policy expectations markets have priced in. The real question is whether the tightness translates to sustained pricing power or if demand destruction offsets supply relief.