A mini mining announcement (chart of the week)

If you read my piece about the "energy transition" (HERE) you know that I believe that ALL commodities move in unison.

Sure, the rate of changes can vary but over the long run, they all rise and fall in unison.

That’s why if you believe in the secular bull wave for oil & gas you need to pay attention to the mining industry.

Demand for copper, lithium, cobalt, etc will all pull up the price of petroleum as well.

That is why I am going to start re-hashing some old charts and data on mining capex as evidenced by this capex chart comparing the oil & gas industry to the reconstructed history of Freeport-McMoRan (with old Phelps-Dodge data).