But you knew that.
From Reuters via Mining.com, (misattributed sourcing), July 12:
Goldman goes cold on copper price
The copper price has lost one of its most influential cheerleaders, after Goldman Sachs chopped its near-term price forecasts in anticipation of a sharp slump in consumer spending and industrial activity as Europe’s energy crisis deepens.
Goldman’s analysts have been among the most bullish voices on commodities, and warned that copper in particular could become one of the tightest markets ever seen. But with investors selling the metal in droves and prices now 40% below the bank’s expectations, the bank is warning that the slump could still have much further to run.
The dollar’s surge has weighed significantly on copper and the global energy squeeze that’s threatening growth is “heavily skewed toward escalation into winter,” analysts including Nicholas Snowdon said in an emailed note.
The bank sees copper at $6,700 a tonne in the coming three months, versus an earlier forecast of $8,650....
....MUCH MORE
Their public pronouncements can be so at odds with reality that it is either deliberate lying or some sort of institutional psychotic break. Here's another example from the big bull run in oil during the Spring of 2008 when they were calling for $200 WTI:
