Goldman’s Currie Says Buy Commodities Dip, Bull Case Intact
- Bullish case ‘is about scarcity and strong physical demand’
- Bank’s ‘highest conviction long’ is oil, Currie says
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The latest steep selloff in commodities markets is a buying opportunity, according to Jeff Currie at Goldman Sachs Group Inc., one of the sector’s biggest bulls.
The Bloomberg Commodity Spot Index slumped 3.6% Thursday for its biggest one-day drop in almost 14 months, with soybeans and platinum giving up their gains for the year. The complex has been hit by several bearish factors: the Federal Reserve’s signals on potential interest-rate increases, plus a stronger dollar, Chinese efforts to slow inflation, and rains bringing relief to U.S. crops.