Jeff Currie
Showing 1–3 of 3 transcripts.
- Goldman Sachs30 min
Why the ‘great de-stocking’ in oil and commodities could pave the way for future gains
Goldman Sachs forecasts a market transition from a historic destocking phase to a substantial deficit by summer, projecting oil prices to reach $97 per barrel and gold to hit $2,050 by year-end. The firm attributes current low prices to the liquidation of 500 million barrels in physical and paper inventories while maintaining that resilient green infrastructure demand and OPEC+ supply constraints will drive a sharp price rebound if recession fears prove overpriced. Strategic analysis highlights copper as a long-term decarbonization play and suggests that commodity levels currently serve as an effective hedge against persistent inflation and elevated interest rates.
- Goldman Sachs27 min
As China reopens, what’s ahead for commodities in 2023?
Goldman Sachs economists project a 43% rally in commodities during 2023, driven by a convergence of China's economic rebound, persistent supply constraints, and a structural underinvestment cycle that mirrors the bullish conditions of 2007. Key demand drivers include a surge in Chinese oil and copper consumption alongside Europe's urgent need for energy capacity, while OPEC's pricing power remains elevated due to limited spare production outside the Gulf region. Consequently, the report positions the complex as a superior hedge against inflation and market volatility, with copper offering a steadier risk-adjusted return compared to the higher volatility expected in oil markets.
- Goldman Sachs31 min
Food, Fuel, and the Cost-of-Living Crisis
Jeff Currie, Gary Shilling, Meghan O'Sullivan, Chris Barrett, Alison Nathan
Global commodity leaders Jeff Curry and Gary Schilling debated the existence of a new supercycle, with Curry predicting a supply-driven price surge due to structural underinvestment while Schilling forecasts falling prices as demand contracts under recessionary pressures. Cornell Professor Chris Barrett and Harvard's Megan O'Sullivan further analyzed how geopolitical conflicts and energy transitions are driving a food crisis and realigning global power dynamics, warning that persistent high costs will fuel instability and mass migration. The discussion concluded that without significant capital expenditure and technological innovation to resolve supply bottlenecks, the world faces a prolonged period of economic volatility and social unrest.