Commodities (Oil, Gold, Copper) – Commodity Net Long Positioning While there are some pressures from rising U.S. Treasury yields and a stronger U.S. dollar, the current landscape for gold positioning is marked by a robust bullish sentiment, with increasing net long positions. Image: Goldman Sachs Global Investment Research
Indexed Return of Cyclicals vs. Defensives ex. Commodities and ISM Manufacturing Index U.S. equity sector rotations are pricing in a “no landing” economic scenario, where the U.S. economy avoids both recession and significant slowdown, maintaining steady growth instead. Image: Goldman Sachs Global Investment Research
Commodities Rolling 10-Year Annualized Returns Historically, commodity bull markets have lasted for extended periods, often a decade or more, and have the potential to generate substantial returns for investors who maintain their exposure throughout the cycle. Image: BofA Global Investment Strategy
Returns – U.S. Equities vs. Commodities While commodities can serve as a hedge in certain market conditions, U.S. equities are likely to continue outperforming them over the long term due to their lower volatility, more stable returns, and historical performance trends. Image: BofA Global Investment Strategy
Commodities Total Returns Several commodities have experienced significant rallies so far this year. Will this trend persist in the coming months? Image: Goldman Sachs Global Investment Research
Nasdaq 100 vs. Commodities Will commodities outperform U.S. tech going forward? Image: BofA Global Investment Strategy
Commodities – FMS Global Commodity FMS investors have become more optimistic on commodities in April, contributing to a record monthly increase in commodities allocation. Image: BofA Global Fund Manager Survey
Commodities – Commodity Prices In a non-recessionary environment, lower U.S. interest rates can lead to an increase in commodity prices, particularly metals, gold, and brent crude oil. Image: Goldman Sachs Global Investment Research
Commodities and Baltic Dry Index Can the Baltic Dry Index, which is commonly used as a proxy for global economic growth, indicate a potential recovery in the global economy? Image: The Daily Shot
Commodities Relative to the S&P 500 The S&P 500 has clearly outperformed commodities, which appear oversold. Image: BCA Research
Commodities – Global Manufacturing Output PMI vs. Bloomberg Commodity Index Will commodity prices decline in 2023 amid slowing global demand? Image: TS Lombard