This market is quite interesting right now—while US stocks with AI concepts are oscillating at high levels and bonds are being squeezed by fiscal expansion, capital seems to be collectively flocking to "old" assets like gold, silver, copper, and aluminum as if by mutual agreement. Why? Because other assets each have their own pitfalls, while resource commodities are currently in a "triple resonance" phase of short-, medium-, and long-term favorable conditions.

In the short term, the market's expectations for liquidity easing are very high. The RMP (Reserve Management Purchase) launched by the Federal Reserve in December last year was initially ignored by the market, but now it appears that the commodity market has already quietly started to rally—from silver to gold, and then to copper and petrochemicals, the improvement in liquidity expectations is gradually being realized.

The medium-term logic is even stronger: new infrastructure projects like AI data centers, renewable energy grids, and electric vehicles are all major "metal consumers." The International Energy Agency predicts that by 2030, global copper demand will increase by more than 20% compared to 2024. Once the trend of a weakening dollar takes hold, resource prices priced in USD will naturally rise.

Long-term, it’s about geopolitical games. Countries are stockpiling key metals as strategic reserves, with export controls becoming increasingly strict. Resources are shifting from "cyclical commodities" to "strategic assets," raising the barriers to entry and making prices more resilient than in the past.

Therefore, this resource bull market is not just cyclical fluctuation but a superposition of three premiums—monetary attributes, industrial demand, and strategic value. Don’t be fooled by the recent sharp rise in gold and silver; the truly resilient assets are those with both financial attributes and industrial demand, like silver, copper, and aluminum. However, a word of caution: short-term sentiment is already quite heated, so chasing highs should be cautious, and it’s best to wait for a pullback to accumulate gradually.

Take a sip of tea and continue observing the market rhythm changes.
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