Gold, Oil, and Rare Earths: Commodities on the Move

In this episode of Goldman Sachs Exchanges, Allison Nathan interviews Daan Struyven, Co-Head of Commodities Research at Goldman Sachs, about the current state and future outlook of commodity markets. They discuss the impact of new U.S. sanctions on Russian oil, the critical role of rare earth minerals in U.S.-China relations, and the recent volatility in gold and silver markets. Daan provides insights into oil price forecasts, the strategic importance of rare earth minerals, and the factors driving gold's bull market, emphasizing central bank purchases. He also differentiates the outlook for silver from gold, highlighting its higher volatility and the absence of central bank support. The conversation concludes with a discussion on the broader portfolio perspective, with a recommendation for investors to diversify into commodities, especially gold, as a hedge against debasement risks and geopolitical uncertainties.