Goldman Sees 30% Commodity Rally After ‘Great De-Stocking’

Last week, I talked a bit about commodities as a recession canary or, perhaps more aptly, commodity prices as a manifestation of the recession trade, which isn't difficult to spot if you know where to look. There's a tendency among the general investing public to eyeball the S&P or the Nasdaq 100 and make an assessment about market-implied recession probabilities. That's the wrong way to think about it. Both of those benchmarks are dominated by mega-cap growth shares, which is to say long-d