BY TYLER DURDEN
MONDAY, AUG 31, 2026 – 03:20 AM
Across Wall Street, from Barclays and UBS to HSBC, JPMorgan and Goldman Sachs, a common view is taking shape: physical scarcity is emerging across multiple commodity classes, driving prices sharply higher and signaling a broader hard-asset squeeze.
Last week, UBS strategist Sagar Khandelwal issued a similar call heard across Wall Street, telling clients to “position for a commodity upcycle.”
On Saturday, Christopher LaFemina, who heads Jefferies’ global metals and mining research and is one of Wall Street’s veteran commodity experts, told clients that commodities remain historically cheap relative to US stocks.
LaFemina compared the S&P GSCI with the S&P 500, showing the ratio hovering near its lowest level in more than five decades. Similar troughs emerged during the Nifty Fifty and dot-com bubbles before commodities sharply outperformed stocks.
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