abrdnsMinter gold commodities Investors should be overweight commodities and half of that in gold - abrdn's Minter
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"It's stunning that gold is not lower," he said."Investors are finding reasons to hold gold despite the U.S. dollar and interest rates." Minter added that with global economic conditions deteriorating, it will be difficult for the Federal Reserve to maintain its aggressive monetary policy stance. "All commodities are suffering from low inventories and weak investment in future production means those inventories won't be filled anytime soon," he said."Look at aluminum, there is no aluminum to be had anywhere in the world and that goes the same for copper. It doesn't matter where you look; there are supply constraints all over the world."
Minter said it would take a recession the size of the 2020 COVID-19 pandemic to bring energy demand down to impact long-term oil prices. He added that during the 2008 financial crisis, oil demand only dropped by 4%.
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