Jeff Currie, who spearheaded commodities research at Goldman Sachs Group Inc. for almost three decades, remains bullish on the sector for this year. Demand for raw materials is at record levels, inventories are low, and spare production capacity is largely “exhausted,” the veteran analyst said in an interview with Bloomberg television. Copper, which drifted sideways
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We believe that November 2021 marked the beginning of a new investment cycle, characterized by a critical shift in market correlations across different asset classes. During this period, businesses operating at unsustainable valuations faced a moment of reckoning, and the global fixed-income market underwent a complete collapse. Safe-haven currencies, such as the Japanese Yen, notably
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In 2003 I fell into commodities and related equities by sheer dumb luck. It felt like a curse at the time, but today I tell anyone in their 20s to embrace the research coverage that nobody on the team wants, especially if that sector or region has gone nowhere for ten years. Inside three years,
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The U.S. Military appears to be short on ammunition.  NATO Military Committee Chair, Rob Bauer recently said: “The bottom of the barrel is now visible. We started to give away from half-full or lower warehouses in Europe.” You need a lot of metals to replenish these stocks.

There are few assets that can provide meaningful diversification benefit in a portfolio, particularly from a real return / purchasing power standpoint. In an environment where stocks and bonds are so highly correlated, notable to see the low correlation across commodities.