The commodities bull market has a long way to run

Anyone buying precious metals and commodities now is coming late to the party. They've missed the champagne cocktails, the nibbles and the polite conversation. They've missed the DJ playing any song he can think of to get people off their seats. They've missed the first dance. Now the thing's in full swing. It's midnight. There are gate-crashers at the door. The girls are all declaring they will survive and – cringe – even Dad's dancing. But that's not to say the party can't go on a lot longer – till dawn, perhaps, and even into tomorrow. Ordinary bull markets in commodities tend to last 15 or 20 years, after all. Today I wanted to take a step back at look at the bigger picture – at supercycles…