The commodity supercycle is still young, these strategists say.

MarketWatch/Steve Goldstein/4-5-2023

“Right now nearly all the signs, both technical and fundamental, point to a commodity bull market, they say. The early signs are mostly shifting prices and technical indicators, and the latter signs are more fundamental in nature, like restrained supplies. ‘The bottom line is that the key early technical indicators are confirming to us that a new supercycle likely began in 2020.'”

USAGOLD note: This article features the views of Wells Fargo’s JohnLaForge and Mason Mendez. They say that both corn and gold have had growth rates turning negative in recent years, i.e. similar conditions were present at the start of the last supercycle in 1999.

Chart courtesy of TradingEconomics.com