A New Commodities Supercycle Is Looming

Bankers at Goldman Sachs were the first off the line, declaring that the Covid-19 had created the right structural conditions for the same kind of multi-year price growth last seen in the 2000s. The last couple of weeks have seen copper touch heights not seen by the red metal in nearly a decade, while platinum – a crucial element in the catalytic converters used in cars – is lingering around its highest price since 2014. And while gold enjoyed a massive rally last year as investors sought safe haven assets during the stock market carnage,…