Commodities have rarely been this cheap: Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021. This ratio is now even lower than the bottom of the 2008 Financial Crisis. As gold prices have experienced one of their strongest bull markets in history, rising 109% over the past 3 years, other commodities are lagging. Historically speaking, this has led to a rebound in these other commodities. We are watching the commodity space for investment opportunities.(The Kobeissi Letter)