Is the bull market in commodities over?

The gold price has fallen by 20%. Commodity prices in general are down 10%. But Steve Sjuggerud remains confident this bull has further to run.

"The mega-run for commodities has run its course," says Stephen Roach, Morgan Stanley's chief global economist in a Bloomberg article this week.

The price of gold has fallen 20% from its highs so it's officially a bear market in gold. And commodity prices in general are now down over 10% from their highs (as measured by the CRB Index), so commodities are officially in a correction.

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