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
Thursday, September 22, 2011
"Goldman Still Bullish on Commodities"