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Marcus Webb

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Commodities
commodities
medium-term
8/10

The Great Rotation: Why Institutional Money Is Quietly Moving Into Hard Assets

February 10, 20261,240 reads23 comments

Central bank gold buying just hit a record. Energy capex is at a decade low while demand grows. The institutional rotation into commodities is happening — and most retail investors are looking the other way.

Quick Take

Smart money is rotating from overvalued tech into undervalued commodities. Central bank gold purchases, declining energy capex, and structural inflation make hard assets the asymmetric bet of 2026.

#gold
#commodities
#macro
#rotation
#institutional-flows

Investment Angles

$GLD
long
9/10
long-term

Direct gold exposure as central banks accumulate

$NEM
long
8/10
medium-term

Gold miners trading at historic discount to metal

$XLE
long
7/10
medium-term

Energy sector capex deficit creates supply squeeze

This content represents the published opinion of Marcus Webb and is provided for informational and educational purposes only. It is not a recommendation to buy, sell, or hold any security.

Discussion(23)

You
AR
Alex Rivera4h ago

Really well-argued thesis. The supply/demand data alone makes this compelling. I've been building a position in NEM for similar reasons.

JH
Jessica Huang2h ago

What's the biggest risk to this thesis? Seems like a sudden dollar strengthening or a deflationary shock could unwind the trade quickly.

MT
Michael Torres45m ago

I'd add that the geopolitical angle is underappreciated. Central bank gold buying isn't just about returns — it's about de-dollarization. That's a structural, not cyclical, shift.

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