Omar Ayales

This presentation examines the shift in market leadership within the commodity complex, as capital rotates away from precious metals and toward industrial metals and energy. While gold and silver remain in longer-term bullish trends, recent price action suggests leadership has broadened and is increasingly favoring sectors tied to supply constraints, infrastructure demand, and geopolitical risk. Energy has led this transition, driven by higher crude oil prices and tightening supply conditions, while industrial metals—particularly copper—continue to gain strength on structural demand and constrained production growth. The presentation highlights how this rotation has developed, what it signals about the broader macro environment, and why positioning in industrial metals and energy may continue to offer stronger relative performance moving forward.