(Bloomberg) — Goldman Sachs Group Inc. urged investors to pile into commodities as most recession risks coursing through global markets are overblown in the near term, arguing that raw materials stand to rebound amid a profound energy crisis and tight physical fundamentals.
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“Our economists view the risk of a recession outside Europe in the next 12 months as relatively low,” analysts including Sabine Schels, Jeffrey Currie and Damien Courvalin wrote in a note. “With oil the commodity of last resort in an era of severe energy shortages, we believe the pullback in the entire oil complex provides an attractive entry point for long-only investments.”
Commodities hit a record in June as Russia’s invasion of Ukraine disrupted output and snarled supply chains, then eased as recession concerns flared and central banks including the Federal Reserve tightened…
