In an era of historically low interest rates, investors are desperately looking for value.
If current activity is anything to go by, they believe it lies in commodities.
That is because prices of key commodities are steadily gaining; copper has hit eight-year highs above $8,000 per tonne, nickel is at six-and-half year highs near $18,000 per tonne, and iron ore prices are at levels last seen in 2011.
Soybeans, corn and wheat have each hit levels last recorded in 2014, while gold is at all-time record highs.
Even West Texas Intermediate crude oil, badly hit by the reduction in economic activity and travel due to Covid-19, is near one-year highs above $53 a barrel. That is a stunning turnaround for the commodity, which
fell into negative territory in April last year when storage in Cushing, in the US state of Oklahoma, started to dry up and market participants scurried to dump positions.
Several of these markets had already started to appreciate...