Yesterday I was at this conference in sessions focused on the energy sector and shipping. The most interesting was the presentation by Jeffrey Currie, Goldman partner and Head of Commodities Research. Apart from a few facts about gold (for example, he said "you are long gold Either long or Politicians" and he turned around the argument of Daniel Lacalle here to conclude that gold is actually the best "store of value" that exists), which I found very interesting was the explanation of its bullish stance on what raw materials are concerned. Apparently
extractive and agricultural sectors are operating at levels above 90% capacity, compared with levels of 70% in other sectors closer to the consumer. If I understand well, as the Austrian school of economics this is the logical result of the period of artificially low interest rates we have been through. But Currie said another factor: restrictions on political, regulatory and state (eg nationalization of resources) have prevented the necessary investment in these sectors.
In conclusion, it appears that the sector in which to start work on Monday is a good bet for the future.
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