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.