• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Gold Market
    Gold News
    Gold Stocks
    • Gold Market
    • Gold News
    • Gold Stocks
    1. Home>
    2. ResourcePrecious MetalsGold Investing>
    Loading...
    0

    Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper

    Giann Liguid
    Mar. 27, 2024 01:50PM PST

    The US investment bank sees gold at US$2,300 by the end of the year and copper at US$10,000. But its outlook for battery metals isn't as strong.

    A small golden bull statue on top of US money.
    Denis Anikin V / Shutterstock

    Goldman Sachs (NYSE:GS) is maintaining its bullish stance on commodities as they continue to enjoy strong cyclical and structural support, and as the US and Europe move closer to cutting interest rates.

    The American investment bank said it sees raw materials potentially returning 15 percent in 2024.

    “We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” Bloomberg quotes analysts Samantha Dart and Daan Struyven as saying in a note this past Sunday (March 24). “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”


    Copper and gold have already rallied during the first quarter of the year, with the former moving past US$9,000 per metric ton and the latter breaching the US$2,200 per ounce mark to reach an all-time high.

    Goldman is calling for copper to break US$10,000 by the year's end and for gold to hit US$2,300.

    Other commodities, such as aluminum and oil products, are also set to make continuous climbs.

    Aluminum is expected to reach US$2,600 per metric ton by 2024's end, while Brent crude is likely to stay "well supported" between US$70 and US$90 per barrel. The bank also underscored the role of commodities as a geopolitical hedge.

    While Goldman is positive on the sectors mentioned, the same cannot be said for battery metals, where its outlook is more bearish. "Within the industrial metals, the segment with the most bearish fundamentals remains battery materials ... we believe it is too early to call a decisive end to these respective bear markets,” the bank said.

    Battery metals — which include lithium, nickel, and cobalt — have seen increases in demand alongside production growth for wind turbines, solar panels and electric vehicles (EVs). However, prices for these metals have taken a tumble in the last 18 months due to factors including oversupply and lower sales volumes from EV manufacturers.

    Goldman anticipates 2024 price declines of 9 percent, 13 percent and 27 percent decline for cobalt, nickel and lithium carbonate, respectively. With that in mind, it encourages taking a selective approach in the commodities sector.

    Don't forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • Copper Price 2023 Year-End Review ›
    • Copper Price Forecast: Top Trends That Will Impact Copper in 2024 ›
    • Gold Price 2023 Year-End Review ›
    • Gold Price Forecast: Top Trends That Will Affect Gold in 2024 ›
    Related Articles Around the Web
    • Gold Price Charts & Historical Data - GoldPrice.org ›
    • Copper - Price - Chart - Historical Data - News ›
    https://x.com/giannliguid
    https://www.linkedin.com/in/giannliguid/
    The Conversation (0)

    Go Deeper

    AI Powered
    Tavi Costa: Gold's Next Catalyst, Silver's Path to US$50, Copper Opportunity

    Tavi Costa: Gold's Next Catalyst, Silver's Path to US$50, Copper Opportunity

    Leigh Goehring, copper bars.

    Leigh Goehring: Gold's "Massive Bull Market" Just Starting; Uranium and Copper Outlook

    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Latest News

    Aurum expands footprint of Boundiali and Napie Gold Projects

    CDT moves to 100% Mineralis to secure Cote d'Ivoire Earn-In

    Harvest Gold Announces Mosseau Drill Program Update; Urban Barry Regional Till Program Completed

    Earthwise Advertising & Investor Awareness Campaign

    Kobo Resources to Recommence 2025 Drill Program at the Kossou Gold Project; Appoints Industry Veteran to Support Technical and Regional Growth Strategy

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Gold Investing Stocks

    Triumph Gold

    TIG:CA

    Horizon Minerals

    HRZ:AU

    Alice Queen

    AQX:AU

    Pinnacle Silver and Gold

    PINN:CC

    1911 Gold

    AUMB:CC

    Kobo Resources

    KRI:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×
    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Full Bio

    Follow

    Learn about our editorial policies.