Goldman Sachs warns that investors are starting to cool on commodities and could miss out on further gains for the year’s best-performing asset class.
Earlier this week, the bank raised its outlook for its commodities index, which tracks assets like crude oil and copper. It now thinks the Goldman Sachs Commodities Index will return 8 percent over the next 12 months, up from its previous forecast for a 5-percent gain.
Commodities are now posting their best year-to-date gains in a decade, according to Goldman. The fuel for that performance is crude oil. International benchmark Brent crude prices have risen more than 51 percent over the last year, while the cost of U.S. crude is up nearly 45 percent.
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