Goldman Sachs’s global head of commodities research Jeff Currie told Bloomberg today in a televised interview that the bank is “extremely bullish” on commodities amid a supercycle that has the potential to last for a decade.Currie discussed his outlook for commodities in 2022, saying the new year has started “against a backdrop that includes record dislocations in energy, metals and agriculture, and significant amounts of money in the system,” according to Bloomberg.
Goldman stated in October 2020 that commodities were beginning a supercycle that could last up to a decade.
Others are also forecasting a strong year for commodities, with one analyst telling CNBC that gold, as one example, may test at the all-time record highs in the coming year.
For oil, the only two countries in the world that can produce more oil today than they could in January 2020 are Saudi Arabia and the U.A.E., Currie told Bloomberg, adding that all other producers will struggle to hit pre-pandemic levels.
