Gold's rally isn't a sign of a commodity supercycle, Goldman Sachs says

Gold's constrained supply sets it apart from other commodities.

Georg Hochmuth/APA/AFP/Getty Images

• Gold's rally doesn't mean a commodity supercycle is here, Goldman Sachs says.
• Central bank buying, Fed rate cuts, and call options demand are powering gold.
• Unlike gold, other commodities can ramp up production as prices climb.

Gold's powerful rally isn't a sign that a broader commodity boom is taking hold, Goldman Sachs says.

The yellow metal has been on a record run...