Commodities welcome new investment logic! "Commodity leader" Goldman Sachs highly recommends gold, copper, and oil.

Goldman Sachs, known as the "vanguard of commodities" in the market, published a research report stating that with the significant increase in tariff threats, inflation expectations, and inflation uncertainty, commodity investment is experiencing new investment opportunities. The report emphasizes that commodities are not only short-term trading tools, but also important components of long-term investment portfolios, especially in the current environment of rising inflation expectations and reduced economic idle capacity, the advantages of inflation hedging and diversified returns are becoming more apparent. The report points out that commodity futures can not only track inflation but also provide additional "risk premium," bringing returns that exceed inflation to investors. Compared to stocks and bonds, commodities have lower correlation with both, especially at the end of the economic cycle or during supply disruptions, the correlation can turn negative, thus providing effective diversified returns for investment portfolios. In addition, commodities perform better in high inflation environments than inflation-linked bonds (TIPS) and real estate investment trusts (REITs) because the connection between commodities and inflation pressure is more direct, and their sensitivity to high interest rates is lower. Goldman Sachs believes that the current economic environment is more favorable for commodities compared to the decade after the financial crisis. Reduced economic idle capacity, fiscal policy support, supply chain reshoring, and rising inflation expectations all provide a more favorable background for the commodity market. Based on the fundamentals of commodities, Goldman Sachs particularly recommends going long on commodities such as gold, copper, aluminum, and oil, believing that these commodities have significant investment value in the current market environment. Goldman Sachs states that gold, due to strong central bank demand, will become an effective tool for hedging tariff and inflation risks. Copper and aluminum are attractive due to increased demand for electrification. The oil market is favored due to OPEC discipline and the attractiveness of rollover yields. Additionally, the report predicts a significant decrease in European natural gas prices starting in 2027, especially in the event of a peaceful agreement between Russia and Ukraine. Looking ahead, Goldman Sachs expects that commodity indices such as BCOM and S&P GSCI will achieve total returns of 10% to 12% by 2025, and as the global economy transitions from deleveraging to fiscal stimulus and supply chain reshaping, the commodity market may see new growth opportunities.