The four most dangerous words in finance are: "this time it's different," as renowed investor Sir John Templeton once said. Yet, Bank of America believes that for commodities, the tide is now changing for the better.

For years, commodities haven't been the go-to for investors, given lackluster returns, but Bank of America commodities strategist Francisco Blanch has some good news: commodities are back, and they are poised to reclaim their rightful place in investors' portfolios.

With reasons such as thin inventories, ample spare capacity, sticky inflation, and significant moves towards clean energy, things are looking bright for...