Rational Dissent Episode 008. One Commodity Cycle or Many? Commodities as an asset class are rarely homogenous. Today, prices are moving together, which either reflects a structural relationship or a set of unrelated drivers arriving at once. Available on YT, Apple, Spotify, Overcast, etc. --- Chapters 00:00 - Introduction & The Commodity Rally 02:25 - How Commodity Total Return is Calculated 06:02 - The Structural Case for "Easy Money" 13:03 - Supply Disruption Drivers in Energy Markets 16:46 - The "Sovereignty Premium" & Central Bank Gold Buying 23:28 - Debating the Multi-Factor Reality Behind Commodities 31:46 - Closing Question: How Should the Fed Respond to Structural Commodity Shocks?