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:
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Long European GasoilBuy March 2011 European ICE Gasoil
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Long CCCP basketBuy 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%)
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Long SoybeansBuy November 2011 CBOT Soybean
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Short AluminumSell February 2011 Aluminum
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Long GoldBuy December 2011 COMEX Gold
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Long CornBuy March 2011 CBOT Corn
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Long CopperBuy December 2011 Copper
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Long PlatinumBuy January 2011 NYMEX Platinum
Their 12 month target on crude is $103, gold $1,690 and silver $28.20.
Source: Goldman Sachs
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
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