Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Commodities under pressure from Goldman Sachs

Posted by: Aaron Pressman on October 30, 2007

Oil, gold and a host of other commodities have been red hot this year. Today, analysts at Goldman Sachs tried to douse the flames a bit. The firm said it recommended getting out of gold, agricultural commodities and West Texas Intermediate crude futures positions. The firm hedged a bit, saying they were making a “tactical” call for the short-term, not claiming that the commods were seriously topping out. “It is important to emphasize that we remain longer-term positive on oil, agriculture and gold and would view price dips as opportunities to re-establish long positions,” Goldman concluded.

In any event, when Goldman talks it appears that investors listen. Oil is off 3% on the day. Lest though think that large one-day move is a sign of things to come, the fine folk at Bespoke Investment Group point out in the chart below that we’ve now had 12 days this year when oil dropped at least 3% in the midst of its huge bull run from $50 a barrel up close to $100. Gold, silver, wheat and a bunch of other futures followed oil down, too.


Post a comment



Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

BW Mall - Sponsored Links

Buy a link now!