Real Assets
Charted: Commodities vs Equity Valuations (1970–2023)
Charted: Commodities vs Equity Valuations (1970–2023)
In recent years, commodity prices have reached a 50-year low relative to overall equity markets (S&P 500). Historically, lows in the ratio of commodities to equities have corresponded with the beginning of new commodity supercycles.
The infographic above uses data from Incrementum AG and Crescat Capital LLC to show the relationship between commodities and U.S. equities over the last five decades.
What is a Commodity Supercycle?
A commodity supercycle occurs when prices of commodities rise above their long-term averages for long periods of time, even decades. Once the supply has adequately grown to meet demand, the cycle enters a downswing.
The last commodity supercycle started in 1996 and peaked in 2011, driven by raw material demand from rapid industrialization taking place in Brazil, India, Russia, and China.
Supercycles in Commodity Prices | 1899-1932 | 1933-1961 | 1962-1995 | 1996-2016 |
---|---|---|---|---|
Peak year | 1904 | 1947 | 1978 | 2011 |
Peak of supercycle from long-term trend (%) | 10.2 | 14.1 | 19.5 | 33.5 |
Trough of supercycle from long-term trend (%) | -12.9 | -10 | -38.1 | 23.7 |
Length of cycle from trough-to-trough (years) | 33 | 29 | 34 | 20 |
Upswing (years) | 5 | 15 | 17 | 16 |
Downswing (years) | 28 | 14 | 17 | 4 |
Source: Bank of Canada, IHS
While no two supercycles look the same, they all have three indicators in common: a surge in supply, a surge in demand, and a surge in price.
In general, commodity prices and equity valuations tend to have a low to negative correlation, making it rare to see the two moving in tandem in the same direction for any long period of time.
Commodity Prices and Equity Valuations
In line with the above notion, commodity prices and equity valuations have often been at odds with one another in past market cycles.
During the 1970s and early 1980s, for example, rising oil prices led to a significant decline in stock prices as higher energy costs hurt corporate profits. In contrast, during the first half of the 2000s, low oil prices were accompanied by a strong equity bull market that ended with the 2008 stock market crash.
The relationship, however, is not always straightforward and can be affected by various other factors, such as global economic growth, supply and demand, inflation, and other market events.
With the most recent commodity supercycle peaking in 2011, could the next big one be right around the corner?
Real Assets
Charted: Top Suppliers of Aluminum and Steel to the U.S.
President Trump has imposed a 25% tariff on all steel and aluminum imports.

Charted: Top U.S. Suppliers of Aluminum and Steel
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports, marking one of the most discussed measures of his first month back in the White House.
But which countries are most affected by these tariffs?
This map illustrates the top suppliers of aluminum and steel to the United States in 2024. The data comes from the U.S. Census Bureau. Aluminum includes unwrought aluminum, plates, sheets, and strips; bars, rods, and profiles; foil; wire; pipes and tubes; castings and forgings; and tube or pipe fittings.
Canada: The Largest Partner
Canada is by far the top supplier of both steel and aluminum to the United States. The neighboring country exported $9.4 billion worth of aluminum to the U.S. in 2024, significantly ahead of the second-largest exporter, the European Union, which exported $1.5 billion.
Canada also exported $7.1 billion worth of steel last year, compared to $7 billion from the European Union.
Country | Steel Imports (USD) | Aluminum Imports (USD) |
---|---|---|
🇨🇦 Canada | $7.1B | $9.4B |
🇲🇽 Mexico | $3.5B | $397M |
🇧🇷 Brazil | $3.0B | - |
🇨🇳 China | $799M | $809M |
🇹🇼 Taiwan | $1.3B | - |
🇰🇷 South Korea | $2.9B | $781M |
🇩🇪 Germany | $1.9B | $318M |
🇯🇵 Japan | $1.7B | - |
🇮🇳 India | $489M | $445M |
🇪🇺 European Union | $7B | $1.5B |
🇦🇪 UAE | - | $917M |
🇧🇭 Bahrain | - | $535M |
🇦🇷 Argentina | - | $468M |
🇹🇭 Thailand | - | $271M |
🇬🇧 UK | $440M | - |
Mexico, South Korea, and Brazil are also among the top suppliers of steel to the United States. Meanwhile, the country imports aluminum from other key partners, including China, the United Arab Emirates, South Korea, Bahrain, and Argentina.
A recent report by the Center for Strategic and International Studies (CSIS) noted that the U.S. produces less than 2% of the world’s primary aluminum.
Learn More on the Voronoi App 
If you enjoyed this graphic, be sure to check out this chart illustrating the GDP impact of Trump’s tariffs on China.
Real Assets
Charted: If Gold Was Shared Equally, How Much Would You Get?
There are 244,000 metric tons of known gold reserves. And 8 billion people. Here’s the answer to: what if gold was shared equally?

Charted: If Gold Was Shared Equally, How Much Would You Get?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Desired for millennia because of its shine and rarity, gold is still the safe haven asset (with fairly decent returns) in times of uncertainty.
This chart examines a hypothetical question of how much gold every person in the world would get if all discovered gold was shared equally.
Data for this graphic is sourced from the U.S. Geological Survey and from the UN’s World Population Prospects 2024.
There’s Not a Lot of Gold for 8 Billion People
Turns out, there really isn’t a lot of gold in the world.
To date, only 244,000 metric tons of gold have ever been discovered. This includes historical production and current known discoveries.
That works out to about 30 grams (about one troy ounce), or six gold rings, for every single human being on the planet.
Categories | Figures |
---|---|
Gold Discovered (Metric Tons) | 244,000 |
World Population | 8,161,972,572 |
Gold per Person (Metric Tons) | 0.00002989 |
Gold per Person (Grams) | 29.89 (or one ounce) |
Of course, jewelry isn’t the only use of gold (though it does account for the largest share of above-ground use).
Central banks have quite a bit in their reserves, with the U.S. holding the most at roughly 8,000 tonnes.
At sixth place China (2,200 tonnes) has been steadily increasing its reserves in the past year, in a bid to diversify foreign exchange reserves away from the U.S. Treasury bonds.
Largest Gold Producers
And then there’s all the gold beneath the ground, spread out in massive mines across the world. Of them, Australia is home to two in the top 10, and is also the second-largest producer.
Who’s the largest producer? That’s China—even though it doesn’t have any large mines on the same scale as those found in the U.S. and Australia. Instead it has numerous smaller ones, and coupled with efficient smelting infrastructure, ends up producing more volume.
Finally, South Africa held the top supplier spot between 1900–1970. Its production peaked at about 1,000 tonnes annually, the most by any country in a single year.
Learn More on the Voronoi App 
Need even more gold graphics? Good thing we have a few. Check out: Visualizing Gold Consumption vs. Domestic Supply to see which countries use the most gold.
-
Electrification2 years ago
The Six Major Types of Lithium-ion Batteries: A Visual Comparison
-
Real Assets2 years ago
Which Countries Have the Lowest Inflation?
-
Misc3 years ago
How Is Aluminum Made?
-
Electrification2 years ago
The World’s Top 10 Lithium Mining Companies
-
Real Assets1 year ago
200 Years of Global Gold Production, by Country
-
Electrification3 years ago
Visualized: Battery Vs. Hydrogen Fuel Cell
-
Electrification2 years ago
Life Cycle Emissions: EVs vs. Combustion Engine Vehicles
-
Real Assets3 years ago
Does Gold’s Value Increase During Recessions?