It might seem hard to find a commodity bull on Wall Street today. Copper was down 8% recently, at its lowest point in a year and down over 20% from its 2011 peak. Crude oil was down 6%, near its low for the year. Gold was off 4%, and silver was getting hit even harder, over 9% down. Corn, wheat, soybeans, cotton, coffee – it’s a long list of losers.
But Goldman Sachs is still upbeat amid the carnage. The big bank doubled down on its overweight recommendation for commodities on Thursday, forecasting a 20% return for the energy-heavy S&P GSCI Enhanced Index over the next 12 months and citing signs of tight supply and strong demand, as well as the bank’s expectation of “sequential improvement in global economic growth.”...MORE