Speculative and financial capital is circulating in waves through the various markets. Coordinated by interest rates, currency movements, growth in different sectors and regions, submarkets such as the tech sector currently see intermittent boom and bust phases, bubble formation and normalization.

Investors in commodities and precious metals know real suffering: they are the beaten dogs that have been underperforming on the world's stock markets for many years.

But if we look at the relationship between commodity prices and the US stock market as the leading stock market in the world, it looks as if we have reached the bottom, as if we are on the verge of a commodity comeback. This is also very realistic in geopolitical terms, given the misguided energy policies in Europe and the United States, where ideology-driven policies have suppressed investment in the key commodities oil and gas, which can lead to artificial shortages.

Gold, the number one precious metal, has already emerged from its years-long drought and commodities such as industrial metals and agricultural commodities will follow. The great capital rotation is on its way. Those who have a currency that is not backed by energy, such as the euro, must be prepared for a rise in inflation in the coming years.

We are entering the phase in which one factor is decisive for monetary policy: collateral.