Many people watching federal debt levels and Federal Reserve policy are bracing for inflation as far as the eye can see, but is the ‘buy gold’ mantra really the best way to go given the current situation? I compared one year of futures prices for gold, copper, oil, and natural gas. With gold near all-time-highs, and oil still far below last year’s prices, oil may have more upside potential. Moreover, I think there is strong political will for massive infrastructure spending, so a commodity that benefits from industrial activity is likely to perform well. I think there is a strong case for oil producers being the winners for the second half of 2020.
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