In A Fairy Tale World Of Negative Interest Rates, Not All Commodities Are Equal

“Not all commodities are created equal,” a Goldman Sachs Goal Kickstart report under the same name observed. On the week, copper and oil, both with economic correlation factors to various degrees, went in opposite directions and represented extremes in both highs and lows. While both assets are used to gauge economic activity, their Commodity correlation, however, is at a relatively low 0.16, a fact both commodities put on display. Those are not the real divergent commodities, however. Gold, known as a crisis performer, is the rare commodity Goldman expects to underperform over the near term despite overall Commodity correlation. When…