The Impact of Peak Rates in the US

We've had three occasions of peak rates in the past 20 years, and they all led to very strong gains in gold. So far, we haven't even corrected 25% of the recent rally. Same goes for silver. We need to be a little bit patient here. A lot of us in the commodity space have been focused on the metals because that's where these narratives exist. Right now, the upside risks are concentrated in softs. But if they do start to switch to the grain sector, which is really the important one, I would say, then we have an issue. And whether it can be, once again, what we need to keep a very close eye on over the