Salient to Investors:

Goldman Sachs:

  • Lowered its 3- and 12-month return forecasts for the S&P GSCI index of 24 commodities to 2.5 percent in 3 months and 3 percent in 12 months, and cut its near-term outlook on commodities to neutral from overweight, amid prospects for weak global demand.
  • Exited its April 10th Sell recommendation on gold, saying bullion may trade at $1,530 in 3 months, $1,490 in 6 months and $1,390 in 12 months due to the combination of continued ETF outflows and an expected re-acceleration in US growth later in 2013.
  • Lowered its near-term outlook for Brent oil to $100, and its 2013 forecast to $105.
  • Remains bullish on copper at lower prices, while lowering its 12-month outlook for LME copper to $7,000 a ton.
  • Lowered its outlook for Arabica coffee on improved production prospects in Brazil.
  • Lowered its outlook for cattle prices because of larger-than-expected US feedlot supplies.

Assets in the SPDR Gold Trust are the lowest since 2010.

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