A Global Repricing Is Underway. The Largest Commodities Supercycle Is Being Born Out of the Collapse of the Debt Supercycle.

COMEX positioning is still light on speculative longs.

Translation? The next move higher isn’t a blowoff top—it’s a launchpad.

Once speculative money piles in, it won’t be to arbitrage fundamentals—it’ll be panic chasing scarcity.

This means silver is still in the “smart money accumulation” phase. The “blast off” happens when paper money tries to chase a physical market that’s already gone.

Friedland isn’t talking his book.

He’s holding up a flare in the fog.

The amount of copper we’ll need to maintain just 3% global GDP growth is staggering.

“You have no idea what we’re facing.”

That’s not hyperbole.

It’s the reality of 10,000 years of copper extraction needing to be repeated in the next 18—without the low-hanging ore.

This means: exponential demand + geological depletion = exponential price response.

After decades of offshoring its industrial base and ignoring strategic minerals, the U.S. is now trying to reverse engineer independence.

This won’t be clean or efficient. It means higher input costs, regulatory friction, and geopolitical fragmentation—exactly what fuels commodity bull markets.

Expect two-tier pricing: China/BRICS vs. Western “clean” supply. That pricing divergence will cascade across rare earths, copper, silver, lithium, and uranium.

Japan is the fuse on the global debt bomb.

They have the largest debt-to-GDP in the developed world and are the largest foreign holder of U.S. Treasuries.

Now, with their bond market imploding and YCC (yield curve control) on life support, Japan’s currency is unraveling.

This will be a global margin call moment. (Michael Gayed covers this best)

A breakdown in Japanese sovereign debt markets forces global bond repricing, causes mass liquidations, and eventually triggers a reflexive spiral of “safe haven” panic buying in gold, silver, and commodities.