⚡ The US China AI power race is rewiring commodities. 2025 returns rode metals not energy as rate cuts fed gold and industry. Now two deeper currents take over. Commodities sit at the core of tech and geopolitical rivalry while oil fades and LNG floods the system for years. Power, supply, leverage.

Who converts commodities into power? Who is constrained by institutions? Who controls the bottlenecks? Who can endure the friction?

#GeopoliticalEconomy https://www.goldmansachs.com/pdfs/insights/goldman-sachs-research/2026-outlooks/CommoditiesOutlook2026.pdf