Goldmans: Time to sell out of commodities

The oil price fell by as much as $3.25 a barrel on Tuesday after the world's biggest commodity trader called the top of the market for crude and a range of other commodities.

Goldman Sachs advised its clients to sell their investments in oil, copper, platinum and cotton. It argued record levels of speculative trading in crude have pushed their prices up so much in recent months that in the near term, risk-reward no longer favours holding them, the Guardian reports. Investors' best bet is to quit while they are ahead, the bank said, after a 25% rise in the value of the CCCP basket (comprising crude oil, copper, cotton, soya beans and platinum) in four months. The bank's recommendation was backed by the International Energy Agency (IEA) which warned crude...