The commodity rally is a liquidity signal: short‑term debt is exploding, and markets expect central‑bank intervention.
This isn’t some random commodities pop. This is what happens when governments fund deficits with short-term paper and quietly drain liquidity from the system. Money tightens, stress shows up first in hard assets, and suddenly everyone remembers what real collateral looks like. The market is front-running central banks because it knows the squeeze always breaks …