Gold prices are up 60% year to date and Bank of America’s Michael Hartnett is out with a bold call on hard assets, tagging energy as the ultimate contrarian play.

Hartnett, the Chief Investment Strategist at BofA, is looking past the current tech euphoria and digging into the beaten-down sectors. In his latest note, he argues that the macro backdrop is shifting in favor of commodities.

He believes the Trump administration’s economic policy will continue to press the economy to run economy hot. He labels the “despised oil/energy” sector as the best contrarian trade for 2026.

A 60% rally in oil prices in 2026 would take WTI to $96 per barrel.

This article was written by Adam Button at investinglive.com.