This chart showing the relationship between stocks and commodities should not be ignored! Commodities prices have been this cheap relative to stocks only twice in the past five decades - once all the way back in 1970 and again during the tech bubble. Both times saw commodities outperform by more than 4 times over the subsequent several years.
The question is whether or not we're in a bubble situation right now. The Fed has certainly inflated the heck out of both the economy and asset prices but it's also unclear how much further they're willing to go in order to keep this expansion going.
You could say anytime over the past few years that commodities are incredibly undervalued and ready to outperform only to be proven wrong again and again. The current economy has the best chance of slipping into recession certainly since the industrial recession of 2016 and possibly since the financial crisis.
Given the global economic uncertainty outside of the United States, I'd be betting on commodities, especially silver and gold, here but with an eye towards a longer holding period.