Bloomberg/Paul Wallace/12-15-2022

“Commodities will be the best-performing asset class once again in 2023, handing investors returns of more than 40%, according to Goldman Sachs Group Inc. The Wall Street bank said that while the first quarter may be “bumpy” due to economic weakness in the US and China, scarcities of raw materials from oil to natural gas and metals will boost prices after that.”

USAGOLD note: If Goldman is right that commodity prices are about to reignite, it will blow a hole in the peak inflation narrative now making the rounds. It predicts oil will go to $105/barrel from the current $82, and that copper will go from its current price of $8400 per tonne to $10,050. Gold and silver are not mentioned in this article.

Chart courtesy of TradingEconomics.com