The Goldman Sachs Commodities and Research team is still hugely bullish on the commodity complex. In fact, their latest trade recommendations are almost universally bullish. Of particular interest is their long gold call which is the opposite of what their Investment Strategy Group (for high net worth private client) is telling investors:
- Long European Gasoil Buy March 2011 European ICE Gasoil
- Long CCCP basket Buy Dec-11 WTI (weight 40%), Dec-11 LME Copper(20%), Nov-11 CBOT soybeans (10%), Dec-11 NYBcotton (10%), S&P GSCI platinum index (20%)
- Long Soybeans Buy November 2011 CBOT Soybean
- Short aluminium Sell February 2011 aluminium
- Long Gold Buy December 2011 COMEX Gold
- Long Corn Buy March 2011 CBOT Corn
- Long Copper Buy December 2011 Copper
- Long Platinum Buy January 2011 NYMEX Platinum
Their 12 month target on crude is $103, gold $1,690 and silver $28.20.
Source: Goldman Sachs
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