Goldman says copper is the new oil, raises price forecast to $11,000 per metric ton

CNBC/Pippa Stevens

Repost from 4-16-2021

“Copper prices are expected to rise, as the transition to green energy accelerates and the supply of the metal tightens, says Goldman Sachs.”

USAGOLD note: When you consider that Goldman’s commodities’ index is up almost 22% since the beginning of the year, it gives cause to think that gold might be lagging and due for a rally. It is down almost 7% on the year. Goldman sees copper as a star performer forecasting it to rise from $8,900 per tonne currently to $11,000 per tonne over the next 12 months. Silver, by the way, has also been referred to as the “new oil” in recent days for its abundant use in green energy technologies.

The Goldman Sachs Commodity Index and Gold
(Per cent gain or loss year to date, 2021)

overlay line chart showing the GSCI and gold year to date

Chart courtesy of • • • Click to enlarge

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