Commodities

A futures market structure where spot or near-term futures trade at a premium to longer-dated contracts, signalling physical supply tightness and providing positive roll yield to long futures holders.

An extended multi-decade period of above-average commodity prices driven by a structural shift in demand that outpaces the supply response, historically associated with industrialisation waves in major economies.

A futures market structure where longer-dated contracts trade at a premium to spot (or near-term futures), resulting in negative roll yield for long futures holders who must sell lower and buy higher as they roll.

Gold's role as a store of value and crisis hedge, an asset with no counterparty risk, limited supply growth, and thousands of years of monetary history that tends to appreciate when confidence in fiat currencies or financial systems erodes.

The expanded alliance of 23 oil-producing nations, the original 13 OPEC members plus Russia, Kazakhstan, and others, that collectively controls production quotas covering roughly 40% of global oil supply.

The arrangement underpinning the dollar's reserve currency status: oil is priced globally in US dollars, meaning every country that imports oil must first acquire dollars, creating structural demand for dollar assets worldwide.