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Goldman Sachs says commodities poised for bull market

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Goldman Sachs on Wednesday maintained its 'overweight' recommendations for commodities in 2021, reasoning the sector was possibly the best hedge against likely inflation and poised for another bull market.

FILE PHOTO: A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo

The bank forecast a return of about 27% over a 12-month period on the S&P/Goldman Sachs Commodity Index , with a 19.2% return for precious metals, 40.1% for energy, 3% for industrial metals and a negative 1% return on agriculture. “In metals, we have seen a sharp drop in maintenance capex and supply disruptions dragging into 2021. This suggests that, even if demand falters in coming weeks as winter exacerbates COVID, markets will likely continue to rebalance, barring an outright collapse in demand,” Goldman Sachs said in a note.

 

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