This commodity is outperforming every asset class in 2024 [Video]

Another week and another Commodity skyrockets to all-time record highs. That’s one of the most lucrative trends of the current Commodities Supercycle, that we find ourselves in right now!

A long list of the world’s most powerful Wall Street banks have described the current economic climate as “The Golden Age of Trading”.

This comes as no surprise, given today's highly macro-driven backdrop is fuelling one of the greatest wealth creation opportunities of our lifetime.

So far in the first quarter of 2024, we have seen prices of many Commodities such as Gold, Silver, Platinum, Copper, Uranium and Sugar soaring through the roof to unleash an explosive money-making storm like nothing we have ever seen before.

But right now, there is one Commodity that is smashing records almost on a weekly basis.

And that’s Cocoa.

Cocoa prices have been on an absolute tear this year – racking up double digit gains on a consecutive weekly basis.

Benchmark Cocoa prices on the Intercontinental Exchange in New York – soared over 25% this week – registering a new all-time record high of $8,100 per tonne – surpassing sweet Commodity's previous peak set nearly 50 years ago.

Cocoa prices are now up 103% from their opening price of sub $4,000 per tonne at start of this year and have more than doubled in the short space of two-months.

But more impressively, Cocoa prices have now notched up a staggering gain of over 225%, from this time last year, when prices were trading at $2,495 per tonne.

And this could just the beginning!

The International Cocoa Organisation (ICCO) expects global Cocoa production will fall by 10.9% to 4 million metric tons this season. This will leave the market with a deficit of 374,000 tons this season, up from 74,000 tons last season.

The imbalance between supply and demand is expected to get even worse next year. Cocoa inventories are expected to cover just 31% of global demand with supply falling to its lowest level in 45 years.

Historically, the Cocoa market has not seen successive years of deficit since the late 1960s.

This ultimately means one thing.

Cocoa prices are only heading in one direction from here.

And that's higher, a lot higher!

According to GSC Commodity Intelligence – what we're seeing is nothing short of extraordinary. It’s only a matter of weeks if not days before Cocoa prices breaks another all-time record highs.

That’s welcoming news for the Commodity bulls, but painful for anyone sitting on the sidelines, who must now decide how much FOMO they can handle.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: