The Trade Isn’t Over. It’s Moving.
And we’re moving with it.
Markets don’t move all at once.
They rotate.
They pass the baton.
If you’ve been following our work over the last few years, you’ve watched this process unfold in real time.
First, it was gold.
Then it was base metals.
Now, it’s energy.
This isn’t guesswork. It’s sequencing. And the charts have been remarkably consistent in telling that story.
Gold Starts the Move
Let’s start where this cycle actually began.
Gold was the first domino to fall.
Long before inflation prints caught attention, before headlines caught up, gold quietly started trending higher. That’s not an accident. Gold tends to move first in reflationary environments because it responds to liquidity, currency debasement, and confidence — not demand destruction or growth optimism.
That first part of this chart tells the story clearly:
Gold breaks out
Gold trends
Gold holds trend
We highlighted this trade early. We sized it correctly. We let it run. And most importantly, we stayed with it when sentiment wobbled.
Execution matters more than ideas.
Then Copper Took the Baton
Once gold establishes the trend, the next phase usually follows: industrial metals.
Copper is the tell.
Copper doesn’t move on fear or hedging. It moves on expectations of growth, infrastructure, and industrial demand. When copper starts making higher highs and holding higher lows, it’s telling you the reflation trade is expanding — not ending.
That second panel makes this clear:
Copper follows gold higher
Pullbacks remain shallow
Trend structure stays intact
Last year, we leaned into that shift.
Copper.
Steel.
Aluminum.
Mining equities.
