As the global economy begins to reflate, the Fed continues to delay rate increases, and China pumping further stimulus into its economy, commodities have enjoyed a healthy rally this year. But can it continue? Chris Watling, Chief Market Strategist at Longview Economics, thinks not. The iron ore price has gone over $60, but he says the clearing price is $30-$35. This price increase has been driven by a switch in China from an equity market bubble, into a Tier 1 housing bubble. “One just has to think about how far [China’s Tier 1 housing market] has gone to rekindle one’s concerns about some of these commodity prices… Yes, it may run a bit further, but this isn’t the beginning of a great big bull market for commodities. No way. This is a proper bear market rally.” Watch the full video below for his views on bonds, equities, and the USD.