We've been pounding the table on this idea for months now.
This isn't just a commodity bull market… It's a broadening commodity bull market.
When this cycle first got underway back in March 2024, as Gold kicked off a brand-new secular uptrend, leadership was incredibly narrow.
The metals complex dominated everything.
Precious metals, base metals, industrials… if it came out of the ground, it was working.
But that's not how sustainable bull markets behave.
Instead, they expand, rotate, and pull more and more participants into the party.
And coming into 2026, that was our bet: leadership would rotate away from metals and into other areas of the commodity complex, namely energy and agriculture.
So far? That's exactly what's happening.
The cleanest way to see it is through one of our favorite intermarket ratios: agriculture versus base metals.