June 18, 5:00 pm EST

For much of last summer, we talked about the building bull market in commodities.

The price of crude oil has nearly doubled since that time. But broader commodities have yet to take off.

Remember, we’ve looked at this chart of commodities versus stocks quite a bit.

As we’ve discussed, the only two times commodities have been this cheap relative to stocks were at the depths of the Great Depression in the early 30s and at the end of the Bretton Woods currency system in the early 70s.

And from deeply depressed valuations, commodities went on a tear, both times.

Now, since last summer, the trajectory of commodities has been up. But so have stocks. Still, this gap has narrowed a bit. Stocks are up 13% in the past year. The CRB index is up 17%.

The big difference between this year and last year, is the level on the 10-year yield. Last year this time, yields were 2.20%. Today, yields are closer to 3%. That’s because the economy is hotter, and inflation is finally reaching the Fed’s target of 2%.

What asset class should perform the best in a rising inflation environment? Commodities. As we’ve discussed in recent weeks, the data on the economy is lining up for some big positive surprises. That will be fuel for commodities prices.

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