Commodities Tradewinds?

It is quite clear that equities in material and energy sectors have outperformed the commodities itself. Click on the charts below to enlarge, courtesy of Goldman Sachs.

But, the interesting thing around this situation is the opinion of analysts at Goldman Sachs:

Instead, it seems as if China worries have been heaped on the formerly “rich” asset class – commodities – not the “cheap” one – equities. Now, the state of affairs is quite the opposite, with equities rich on these measures and commodities cheap. And unlike during the 2008 episode, we think the usual convergence dynamics will likely hold sway, with the current gap once again closing.

Did you know that commodities were "rich"?