Precious metals like gold and silver are often viewed primarily as monetary assets, leading many investors to monitor the gold-to-silver ratio to gauge relative value. While silver is historically more volatile than gold, it is prone to aggressive rallies where it overshoots, as seen in 1998, 2011, and the recent surge over the last few months. Source: FactSet However, unlike gold, silver’s trajectory is also dictated by its heavy industrial footprint. In 2025, industrial use

The gold-to-oil price ratio is often viewed as a unique indicator of global economic conditions and market sentiment. It captures the ongoing ‘tug-of-war’ between gold as a safe-haven monetary asset and oil as a key industrial commodity. Historically, elevated gold–oil ratios have coincided with periods of economic stress, heightened uncertainty, and defensive investor positioning. Conversely, a low ratio tends to occur during periods of strong economic expansion, when energy

For decades, base metals such as copper, aluminium, nickel, zinc, and lead traded as a reflection of global growth. Prices typically moved in lockstep with industrial activity and were closely correlated with global growth proxies such as oil and iron ore. This relationship held remarkably well across multiple cycles, including China’s industrialisation, the post-GFC recovery, and the post-COVID rebound. But something changed in 2024. In my earlier work on an AI-driven commod

The launch of ChatGPT in November 2022 was a defining moment in history. Within months, it accelerated a full-blown AI arms race and triggered an unprecedented concentration of capital expenditure into compute infrastructure. Over the past three years, major hyperscalers have announced plans to invest hundreds of billions of dollars in data centres, chips, networking and power systems. This scale of spending is now powerful enough to break decades-old relationships across glo

For fifteen years, the United States enjoyed the cheapest natural gas on the planet. Henry Hub gas prices averaged below $3/MMBtu for most of the 2010s and frequently traded under $2.50 for long stretches between 2016 and 2021. That abundance rewired America’s electricity system – natural gas use for electricity grew 25% since 2010 and now accounts for 43% of total US generation capacity.   That golden era is about to come to an end. Three powerful forces are colliding at the