So when he speaks, I listen. The second investor who shared my opinion in early 2021, commodities guru Jeff Currie of Goldman Sachs, asserted that the world had just entered a long-term bull market for commodities. Currie pointed to the fact that producers of virtually every commodity had massively underinvested in new supply since the last commodities boom ended with the Great Recession in 2008. He also accurately predicted that widespread easy money policy by governments, as well as huge spending required for the transition to renewable energy, would stimulate commodity demand. He concluded that a major commodities bull market had been unleashed thanks to crimped supply and strong demand. One year later, it appears Currie and Druckenmiller were correct... |
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