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Commodities Are Cheapest Since 2002, But Maybe Not Cheap Enough

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Here’s one more way to measure just how bad the commodity meltdown has gotten: compare the asset class to stocks.

The Standard & Poor’s GSCI Index of 24 raw materials is now trading near its cheapest since 2002 compared with the S&P 500 Index of U.S. shares. But if you trust history for providing guidance, that’s still not low enough.