Beyond Gold and Silver, Other Commodities Are Starting to Matter

Short notes on oil, copper, and critical minerals.

The week has been dominated by precious metals, with sharp moves in both silver and gold and no shortage of newly self-appointed experts rushing to explain them. We also sat through what may have been the most under-the-radar FOMC in recent memory. So much for the SOFR curve. The silver curve, apparently, is the latest fashion.

Against that backdrop, we wanted to flag a few developments that feel more durable. Some thoughts, and a few charts, on (1) oil’s recent move higher, (2) a new allocation to copper, and (3) the latest turn in the critical minerals story.

Oil, An Under-Positioned Rally

Oil, burdened in 2025 by signs of a glut, is having a resurgence this year. Two tailwinds are at play.