All posts tagged: Goldman

Goldman Puts Almonty At “Center” Of Western Tungsten Race

Goldman Puts Almonty At “Center” Of Western Tungsten Race

Published by Jenni Sidey

Three weeks after Jefferies chemicals and materials analyst Laurence Alexander initiated coverage of Almonty Industries with a “Buy” rating and a 12-month price target of $26.25, framing it as a play on the “Western Tungsten Re-Shoring Trade,” Goldman Sachs launched coverage early Thursday, describing the miner as “at the center of the Western tungsten investment narrative.” Goldman metals and steel analyst Nick Cash notes that Chinese policy restrictions have fueled supply concerns and an eightfold increase in tungsten prices since the start of 2025: ALM sits at the center of the Western tungsten investment narrative as policy actions taken by China have resulted in global supply concerns, causing the price of tungsten to increase 8x since the beginning of 2025. ALM owns one of the most important tungsten development asset outside China, the Sangdong mine in South Korea However, we believe the stock is increasingly reflecting a continuation of today’s exceptional tungsten market as well as an aggressive production profile for Sangdong. Almonty’s Sangdong mine in South Korea is key to conflict-free tungsten supply for the West …

Goldman Warns Nightmare Refining Crisis Could Prolong Diesel, Gas Price Pain Through 2027

Goldman Warns Nightmare Refining Crisis Could Prolong Diesel, Gas Price Pain Through 2027

Published by Jenni Sidey

Goldman energy analyst Nikhil Bhandari warned in a note on Monday that the global refining system is too stretched to support a full recovery in fuel demand while inventories rebuild. This suggests that fuel prices will remain elevated into next year. Bhandari told clients that refining margins must remain elevated to restrain consumption and limit restocking, keeping demand within the industry’s ability to supply diesel, gasoline and jet fuel.  On an ex-China basis, Bhandari expects 300,000 barrels a day of refining capacity additions in 2026 to be offset by 600,000 barrels a day of closures, leaving another year of net capacity losses.  Bhandari said if demand rebounds to 1% above 2025 levels while buyers attempt to replace half of this year’s inventory draws, refinery utilization would have to reach unprecedented levels. This is a territory that he said, “We do not view as operationally realistic.” To keep utilization near the highest level seen this decade, the analyst says one possible combination would require demand to remain 1% below 2025 levels and no inventory rebuilding in 2027. In other words, an uncomfortable reality is setting …

Foreign Capital Returns To Brazil As Goldman Clients See 20% Stock Rally If Bolsonaro Defeats Socialist

Foreign Capital Returns To Brazil As Goldman Clients See 20% Stock Rally If Bolsonaro Defeats Socialist

Published by Jenni Sidey

Brazil’s tightening presidential race could drive a sharp repricing of local equities. A new Goldman Sachs survey of 70 global investors found that half see at least 20% upside in EWZ, the US-listed Brazil equity ETF, by year-end if right-wing challenger Flávio Bolsonaro defeats socialist President Luiz Inácio Lula da Silva. The first round is scheduled for Oct. 4, with a potential runoff on Oct. 25. Lula (Left); Bolsonaro (Right) Goldman Sachs Managing Director Nelson Armbrust provided clients color on the upcoming elections in South America, which could cement a historic, once-in-a-generation rightward shift across the continent. Related: He focused on positioning: Flávio Bolsonaro (right-leaning candidate) is gaining momentum; polls show him tied or closing the gap in the second round.  As a reminder, pools don’t adjust for the likely voter (aka: the people that actually turn up on the day to cast a vote, no mail ballot votes in Brazil), and historically there has been higher absence from Lula’s voters.  We just did a survey with 70 global investors about their cross-asset views in Brazil, the bottom …

‘Crisis Preparedness’: Dutch Move Billions In Gold Out Of US As Goldman Warns Of ‘Geographic Concentration Risk’

‘Crisis Preparedness’: Dutch Move Billions In Gold Out Of US As Goldman Warns Of ‘Geographic Concentration Risk’

Published by Jenni Sidey

The Netherlands’ central bank transferred nearly 90 metric tons of gold bars from the United States and Canada to Britain amid growing concerns of “increasing geopolitical unrest,” according to CNBC. “With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” DNB Governor Olaf Sleijpen said of the development. Roughly 25% of the gold reserves stored in New York and Ottawa were moved to London over the summer. CNBC reports: The transferred gold is now stored with the Bank of England because gold stored there must meet international trade standards and is recognized as “the world’s most easily tradable gold,” DNB said, adding that the move strengthens its “crisis preparedness.” By contrast, DNB said the gold bars held in the U.S. and Canada could not be utilized as quickly and directly in a crisis situation. The bank holds 30.8% of its 612.4 tons of gold reserves at its cash center in Zeist, southeast of …

Mark Walter’s TWG hires Goldman vet Markowitz as legal chief

Mark Walter’s TWG hires Goldman vet Markowitz as legal chief

Published by Sam Flores

Los Angeles Dodgers chairman Mark Walter during a press conference at Dodger Stadium in Los Angeles, March 25, 2026. Keith Birmingham | MediaNews Group | Pasadena Star-News | Getty Images TWG Global has tapped veteran Goldman Sachs lawyer David Markowitz to be its chief legal officer, as federal investigators probe how two insurers that are part of TWG CEO Mark Walter’s sprawling business empire classified loans to companies the billionaire controls. Markowitz, while at Goldman, was a major player in the team that negotiated settlements worth billions of dollars to resolve the corruption scandal involving Goldman and its Malaysian subsidiary in connection with the Malaysian state-owned development company 1MDB. The scandal led to criminal and regulatory cases alleging Foreign Corrupt Practices Act violations by the bank. “We are pleased to welcome David to TWG Global,” Walter, who also owns the Los Angeles Dodgers, said in a statement Monday. “His deep legal experience and proven leadership will be invaluable as we continue to strengthen the legal framework that supports our growth and allows us to execute …

China Economic Growth ‘Downside Risk’ Looms; Goldman Warns After July Macro-Miss-Fest

China Economic Growth ‘Downside Risk’ Looms; Goldman Warns After July Macro-Miss-Fest

Published by Jenni Sidey

China’s July activity data weakened from June, missing market expectations across the board, and signaling a soft start to Q3 amid continued divergence between resilient exports and subdued domestic demand. Originally slated for publication late last night (US time), the data release was delayed for five hours after the statistics agency revised its schedule in a break with recent practice. Industrial production (IP) growth slowed to 4.5% yoy in July from 5.3% yoy in June, reflecting slower export growth and weaker output growth in ferrous metals smelting, power generation (fell 0.1% y/y to 943.9b kwh), and pharmaceuticals industries. In sequential terms, IP contracted 0.3% mom non-annualized in July (vs. +1.0% mom non-annualized in June), broadly consistent with last year’s pattern of softer quarter-start momentum. One stand out from Chinese steel production tumbled last month, putting the industry on track for the lowest annual total this decade as mills adjust to much weaker demand. The seasonal lull in consumption has been compounded by worsening conditions in the wider economy. The contraction in construction activity has deepened, …

Goldman doubles down on active ETFs with .3 billion Neos deal

Goldman doubles down on active ETFs with $2.3 billion Neos deal

Published by Sam Flores

Aug 12 : Goldman Sachs will acquire exchange-traded funds provider Neos Investments for as much as $2.25 billion, as the investment bank looks to bolster its presence in active asset management. Neos manages $30 billion in assets across 19 ETFs that cover a suite of index products, while using options to generate additional income and cap downside risk. Demand for such products has surged of late, as institutions look to hedge portfolios with investments that help cushion drawdown risk and provide recurring income in a volatile market environment. Goldman has pursued acquisitions in the actively managed ETF space to strengthen its asset management unit and capitalize on the growing demand. The Wall Street giant completed the $2 billion buyout of Innovator Capital, which also employs an options-based ETF, earlier this year. “The deal capitalizes on the accelerating adoption of derivative income ETFs and deepens durable A&WM (asset and wealth management) revenues,” analysts at Jefferies said in a note. Neos has returned about 19 per cent over a one-year period through June in its flagship S&P …

Goldman Slashes Global PC Shipment Forecast As Memory Chip Crunch Derails Upgrade Cycle

Goldman Slashes Global PC Shipment Forecast As Memory Chip Crunch Derails Upgrade Cycle

Published by Jenni Sidey

The global PC market is facing mounting pressure as a worsening memory-chip crunch, limited product availability, and consumers balking at higher prices threaten to deepen the downturn. These headwinds prompted Goldman analysts to “further trim” their PC shipment forecasts for this year and next. “We further trim our global PC shipment estimates for 2026-27E, considering the near-term pressures of higher memory and CPU costs, and the flattening replacement cycle following the end of Win 10,” said Allen Chang, a managing director and head of Goldman’s Greater China Technology research team. Chang continued, “We now expect global PC shipments to be down -14%/ -5% YoY in 2026E/ 27E, followed by zero growth in 2028E (vs. -10%/ +3%/ +3% YoY previously). Our updated PC shipment forecasts are 255m/ 243m/ 244m in 2026-28E, respectively.” Global PC Shipments: -14%/ -5%/ 0% YoY in 2026-28E Global PC Revenues: -5%/ -2%/ +3% YoY in 2026 / 27E PC ASP: increasing pricing due to specification upgrades and rising BoM Global PC shipments: consumer vs. commercial Chang noted that AI PCs are expected …

Goldman Sachs’ Ruemmler to face House over Epstein ties

Goldman Sachs’ Ruemmler to face House over Epstein ties

Published by Sam Flores

FILE PHOTO: White House counsel Kathryn Ruemmler listens as President Barack Obama speaks at an installation ceremony for FBI Director James Comey at FBI Headquarters in Washington, Monday, Oct. 28, 2013. Charles Dharapak | AP Goldman Sachs’ former top lawyer Kathryn Ruemmler told the House oversight committee on Wednesday that convicted sex offender Jeffrey Epstein lied to her about his conduct and used his relationships with prominent people to legitimize himself. Ruemmler said in an opening statement that she never saw evidence of ongoing criminal conduct by Epstein and would have reported him to law enforcement if she had seen signs that he was abusing women or girls. She called her decision to deal with him a mistake and said she regretted ever knowing him. “Epstein was a masterful liar, and he clearly lied to me,” Ruemmler said. She added that she now believes he used her and other “respectable people” to bolster his standing. Before entering the closed-door, transcribed interview, Ruemmler told CNBC she was “happy” to answer lawmakers’ questions about her relationship with …

Ras Laffan Explosion Threatens To Slow Qatar LNG Ramp, Goldman Says

Ras Laffan Explosion Threatens To Slow Qatar LNG Ramp, Goldman Says

Published by Jenni Sidey

A powerful explosion tore through Qatar’s key natural gas plant late Sunday, killing at least 13 people and injuring 66 others. While the incident does not appear to have directly impaired LNG export capacity, it has certaintly raised the risk that Qatar may slow the restart of operations as a precaution. The timing could not be worse. The blast at Qatar’s giant Ras Laffan energy complex comes just a week or so after the US-Iran interim peace deal was signed and days after the Strait of Hormuz was reopened. Latest maritime ship tracking data shows a notable uptick in transits of tankers and cargo vessels on the critical waterway. Goldman Sachs energy expert Samantha Dart penned a note on Monday detailing how the explosion at Qatar’s Barzan gas plant in Ras Laffan does not appear to have directly affected the country’s LNG export capacity, but it has raised questions over whether Qatar Energy may slow the restart of export trains as a precaution, potentially tightening Europe’s winter gas balance. Dart said the blast likely adds …