While Powell refuses to be drawn on the hyperbolic macro-economic fearmongering that the mainstream media has unleashed on the world about President Trump's tariff plans (and migration and tax cuts etc...), prompting panic among Democrat survey respondents, Goldman recommends that investors hedge elevated cyclical recession risk with oil puts and long gold positions.
Further still, they also believe that the recent acceleration in 4D structural trends - dollar diversification, defense spending, de-risking energy, and disinvestment in copper - is increasing the appeal of long-run investments in gold and copper.
Before we dive into the structural trends, Goldman focuses more tactically with four more key factors:
