Gold, Oil, Uranium: Why the Commodity Bull Run Isn’t Over | Merryn Talks Money

Commodity markets are currently in the early stages of a significant, long-term bull cycle, driven by a decade-long lag between price signals and the development of new supply. Unlike the 2012 peak, current valuations and capital expenditure trends indicate substantial room for growth. While gold and silver are experiencing a mid-cycle retracement, they remain essential long-term assets, particularly as central banks continue to diversify away from the dollar. The oil market faces a structural supply challenge as U.S. shale production plateaus and global refining capacity remains constrained, creating a disconnect between crude availability and finished product prices. Investors should focus on pure-play upstream producers with long reserve lives to capture the most value, while maintaining a 10-15% allocation to commodities to hedge against market volatility and potential financial repression.