Federal Reserve Chairman Jerome Powell Speaks
Notice that after Federal Reserve Chairman Jerome Powell spoke today about raising interest rates, that while stock markets sold off, tangible assets like copper, oil, gold, natural gas etc., did not drop. They maintained their value. Excess paper in the stock market is divorced from real economy.
Raising interest rates is to prop up the USD. It is not prices that are rising but it is dollars that are devaluing.
Commodities are an inflation hedge against a devaluing dollar.