Goldman Sachs just laid out its second-half playbook, and it reads like a love letter to Asia and hard assets. In a note dated June 29, the bank recommended overweight exposure to North Asian equities while urging investors to diversify into commodities, specifically copper and gold, as hedges against a world that keeps getting more complicated.
Goldman made zero references to digital assets in its latest strategic outlook, doubling down on traditional commodities as the preferred inflation hedge and risk management tool.
The Asia bet and commodity price targets
Goldman’s bullish thesis centers on North Asia, with the bank maintaining overweight positions in South Korea, Taiwan, Japan, and China’s domestic A-share market. The preferred sectors are technology hardware, capital goods, and banking.
On commodities, the numbers are specific. Goldman projects copper reaching $13,735 per ton by the end of 2026, driven by what the bank describes as tightening supply meeting surging demand from power grids, AI infrastructure, and defense applications. Gold, meanwhile, gets a $4,900 per ounce price target for the same timeframe.
