Goldman Sachs head of commodities research Jeff Currie announced his retirement today.
The 56-year-old is probably the most well-known commodities forecaster. He rose to fame with his commodities supercycle call in 2004 and dusted off that playbook again in 2021.
Most recently, Goldman revised its global oil demand forecast for the year higher based on a less pessimistic growth outlook and maintained its 12-month Brent price projection of $93/bbl.
Currie was also a co-author of the widely-seen research note saying ‘copper is the new oil’ in 2021.
“Moving the global economy toward
net zero emissions remains a core driver of the structural bull market in
commodities demand, in which green metals – copper in particular – are critical,” the note said.
Currie was largely a bull but wasn’t afraid to step outside the consensus and predict large swings. His latest calls have been bullish, forecasting outsized demand for raw materials for years to come.
I hope he resurfaces in some fashion.
Here’s a video from last week: