DRUCKENMILLER: The Commodity Situation Is Deadly, And The Aussie Dollar Will Come Down Hard

Legendary hedge fund manager Stanley Druckenmiller is presenting at the Sohn Investment Conference today.

His comments are quite bearish on the commodity complex.

Druckenmiller says the supply and demand situation in commodities is deadly (various commodity markets are dealing with supply gluts even as global growth is slowing), and he recommends shorting "commodity currencies" – like the Australian and Canadian dollars.

The last two years, Druckenmiller says, have shown that the commodity supercycle is over.

"The commodity supercycle is over. It is not a correction. Own currencies that benefit from LOWER commodities." - Druckenmiller #irasohn

— Downtown Josh Brown (@ReformedBroker) May 8, 2013

Druckenmiller says short Australia on commodity bust. "we think australian dollar will come down and come down hard" #sohn2013 #nyp

— Kaja Whitehouse (@kajawhitehouse) May 8, 2013

Druckenmiller #sohn2013: “Supply-demand situation for commodities is deadly.”

— John Carney (@carney) May 8, 2013