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The Commodity Gauges That Underpin Goldman’s Uber-Bullish View

  • Top Goldman Sachs analyst says ‘we’re out of everything’
  • The most commodities contracts are in backwardation since 1997

Goldman Sachs Group Inc.’s commodities guru says he has never seen markets this bullish before. These are the measures that explain what he was talking about.

There are more commodities futures contracts trading in backwardation -- a market structure that indicates scarcity -- than at any point since at least 1997. That’s a total of 19 out of 28 raw materials encompassing everything from energy to grains, according to data compiled by Bloomberg.