Commodities Atrocities

"The biggest liar in the world is They Say." – Douglas Malloch

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The ongoing commodities bull market has everyone’s attention this year. But it has commodities traders annoyed. 

Metals like gold and copper have hit records this year, rallying 20% and 25%, respectively, while coffee has added 21% and natural gas is up 31%. Steel prices, meanwhile, are near 12-month highs. The S&P 500, in comparison, has declined 3.4%.

A confluence of reasons has boosted commodities prices. Some of it can be attributed to the new administration’s tariffs threats. In the case of agricultural commodities, weather-related reasons are one of the main culprits, which have exacerbated an already low supply. 

It’s been chaotic, but that’s what commodities traders love. Over the past few decades, they have emerged as key players in the global markets, connecting resource-rich countries with the world’s financial centers. (As an aside, we highly recommend reading The World For Sale by Javier Blas and Jack Farchy for an eye opening tale of how natural resources make their way into our daily lives.)  

Trading commodities has become even harder recently, thanks to President Trump. His frequent messages on X and his Truth Social platform have sparked...
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