"....it's not the most benign macro environment to start the New Year with.
"And if Dr Copper isn't signalling that, it's maybe because the thundering investment herd has stamped all over his glasses. Money must find a return and holding cash in most of the developed world is a non-option. A fund manager who is not in the risk asset game will return to investors no more than the loose change in his pocket.
That remains the true driver of this commodities bulldozer. Each commodity has its own narrative and that narrative will determine which fares best (more on which in Part 2 of this column). But the rising tide of quantitative easing is lifting all, strong and weak alike. Just remember that the problem with being in a crowded room is that you don't realise just how crowded it is until you try and get out."
DYODD, dudettes and dudes.