COMMODITIES FALL TO A 50-YEAR LOW AGAINST STOCKS — THREE WALL STREET DESKS SAY BUY THE UPCYCLE, BITCOIN DOESN’T NEED THEIR PERMISSION

Commodities just fell to their cheapest level against stocks in more than fifty years, according to a Jefferies note flagged by Christopher LaFemina on August 30. UBS told clients on August 21 to position for a commodity upcycle, citing real scarcity in energy, metals, and food. London copper broke $14,000 a ton. Farm goods are breaking out of a resistance line nearly two decades old. Every one of these calls comes from a desk that profits when clients move money into that trade — worth remembering before treating any of it as gospel. But the underlying logic doesn’t need their permission to be true. Copper gets expensive, and mines open. Wheat gets expensive, and farmers plant more. The supply answers the price. Bitcoin doesn’t have that option. Twenty-one million coins, full stop, no matter what the price does tomorrow or in ten years. When the dollar buys less — and Azoria Capital’s Tavi Costa is out this week calling the dollar’s decline one of the most important macro trends going — every hard asset gets a bid. Only one of them can’t be mined faster to meet it. That’s not a forecast. That’s arithmetic.