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Imagine a world where copper, silver, and oil are the new tech stocks, powering a bull market that could dwarf the last one. Sound far-fetched? Not according to Jim Puplava, president of Financial Sense Wealth Management, who sees a commodity supercycle unfolding through the remainder of this decade.

Puplava has a track record for spotting seismic shifts early. At the height of the tech bubble in the early 2000s, he pivoted away from tech stocks, shifting his focus to undervalued precious metals and commodity-related investments. Back in 2002, he penned The Next Big Thing, boldly declaring that after the collapse of the tech bubble, “the next big move will be in commodities”—a move that paid off handsomely as commodities soared in the years that followed.

In a recent Financial Sense Newshour episode, Puplava laid out why he believes we’re still in the early innings of “The Next Big Thing 2.0”—a commodity bull market now powered by green energy, the global buildout of AI, and US reindustrialization. With 30% of his portfolio currently in commodities, Puplava’s insights are a wake-up call for investors. Here’s a dive into his key arguments.

A Perfect Storm for Commodities

Puplava sees a convergence of forces fueling this bull market, distinct from the China-driven surge of the 2000s. “Number one at the top of the list is the green transition. Number two is AI and cloud data centers. And number three… is the reindustrialization of the United States,” he explains. Add to that a lack of new mining and energy discoveries, underinvestment since 2014, and bureaucratic delays, and you’ve got a supply crunch meeting soaring demand. On top of that, we also see global data center growth, like the UAE’s massive project needing five nuclear reactors’ worth of power, amplifying this trend.

"The latest executive order by Trump aims for 400 gigawatts of nuclear by 2050, 10 large reactors to be under construction by 2030. And of course, this all goes back to what we see with the massive amount of data centers that are being built, not just here in the US but around the world. The UAE just agreed to build one of the world's largest data centers that will require the equivalent of five nuclear reactors just to power it alone. So, that is part of this reindustrialization process, not just here in the US but globally as well."

Copper: The Green Revolution’s Backbone

Copper is one of Puplava’s top picks, driven by its critical role in electric vehicles (EVs), solar panels, and AI data centers. “EVs require about six times the amount of copper that goes into a gasoline engine,” he says, projecting a 26% demand spike to 33 million tons by 2035. Aging mines, like Mexico’s Cananea, and a 10–15-year lag to build new ones spell shortages. Co-host Cris Sheridan highlights data centers’ voracious commodity needs, reinforcing copper’s centrality.

Silver: The Undervalued Star

Silver’s dual role as an industrial and monetary asset makes it Puplava’s “most undervalued commodity” in his list. “About 70% of silver production goes to industry,” he notes, citing its use in solar panels, EVs, and electronics. Investment demand is surging—Costco’s Silver Eagles are sold out, with only 10-ounce bars left. Puplava sees silver hitting potentially as high as $100–$300 per ounce in a price spike, far beyond its current $33.

Oil’s Enduring Demand

Despite green rhetoric, oil remains king, and Puplava warns of tightening supply. “Oil runs the world. Without it, our modern industrial high-tech world would simply not exist,” he asserts. US shale, which drove 90% of global oil supply growth since 2010, is peaking, with Chevron laying off workers in the Permian basin. Sheridan draws parallels to the 1970s, when Nixon’s drilling push failed to reverse declines. Growing demand from China and India, plus aviation and transport needs, will likely push oil prices higher, Puplava says.

The Macro Shift to Value

Puplava ties this commodity surge to a broader economic shift. “We’re in a period of inflation… there is a pivot or a rotation into value and hard assets,” he says, as rising interest rates put pressure on the high growth sector. Inflation erodes cash, making commodities a haven. 2019–2020 was likely the beginning of a major trough with gold up 156% and copper 80% since then. Puplava urges investors to exercise patience, noting that while the commodity sector can be notoriously volatile, the real fireworks often come later in the cycle.

A Multi-Phase Bull Market

Puplava sees this bull market unfolding in stages. “I think we’re still in phase one… given another year or two, we’re going to enter phase two, and that’s when institutions gravitate in,” he predicts. Phase three, the mania, is years away, but the small size of commodity markets—dwarfed by tech giants—means institutional inflows could spark explosive gains. Sheridan emphasizes dividend potential as well, noting attractive yields from mining firms.

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