Counterpoint to Goldman Sachs Chief Commodity Strategist
January 17, 2013 - 8:59pm
By EconMatters I would be surprised Today Jeff Currie, Goldman Sachs chief commodity strategist put forth some comments regarding the Oil market. Jeff Currie from Frankfurt said he wouldn’t be surprised “if we woke up in summer and [Brent] oil cost $150 [per barrel]". Oil high established 1st Quarter The counter argument to that statement would be the following: Brent has put in its high for the year in the first quarter the past two years, and actually put in the low for the year in the summer. The reason that oil has put in the high of the year during the first quarter is that oil doesn`t actually trade on the fundamentals. It trades as an “asset class” just like equities, so when funds are piling money into asset classes oil moves up alongside the S&P 500. Further Reading - Gold Market Dip Buying Strategy ...
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