A new year, two charts: First chart: The focus of S&P corporate Capex has been shifting heavily towards Tech, while the Capex share of commodity-related sectors has been pushed to historical lows. Investments in mining, oil, chemicals, and agricultural inputs have been insufficient. The result? Supply elasticity keeps worsening, and when inventories tighten, the only way to balance is through price increases. Second chart: Gold has already priced in long-term monetary dilution, while the equal-weight commodity index as a whole is still consolidating at high levels, clearly lagging behind. Historically, this kind of divergence rarely lasts long: when gold moves first, commodities often follow with a catch-up rally. Conclusion: Commodities are set to continue their long-term bull market. GOLD SILVER