>>21058693There are two things that drive demand for commodities: 1) Peaceful economic development, which the world has experienced for several decades, on the whole, and 2) War when peaceful economic development reaches a point where the reigning hegemon's position at the top is seriously threatened, as America's position is now.
Be careful that global war is coming, like the West (North America, Europe, Australia, New Zealand, and honorarily, Japan) against Russia, China, Iran, and North Korea. The U.S.'s position at the top of the pyramid is under very serious threat now, so we are in a Thucydides Trap, where the fading power conjures up a war to try to knock down the rising power that could replace it.
Sad to say, but since peaceful economic development is becoming less and less a driver of demand for commodities, it might now be war that gives us a bull market, and if there is no world war, then we could be in a commodities downturn for decades to come.
Only if India and Africa come online in a big way like China before could we have strong commodities demand through peaceful means.
