Group 1 - Goldman Sachs highlights that commodities, particularly gold, are becoming key tools for hedging risks associated with traditional assets due to factors like the independence risk of the Federal Reserve and supply chain concentration [1] - The firm maintains a bullish stance on gold, labeling it as the "highest-conviction long" and sets a target price of $3,700 per ounce by the end of 2025 and $4,000 per ounce by mid-2026, with a potential extreme scenario price exceeding $4,500 per ounce [1] - The report indicates that rising risks to U.S. institutional credibility and increased concentration in commodity supply create "tail risks," which could lead to soaring commodity prices while equities and bonds decline [1] Group 2 - Goldman Sachs emphasizes three structural trends (De-risking energy, Defense spending, Dollar diversification) that are systematically tightening the supply-demand dynamics in the commodity market, particularly affecting gold and copper, which respond slowly to price changes [2] - The firm notes that the current slowdown in U.S. job growth and elevated economic downturn risks are higher than historical averages, enhancing the appeal of commodities as a diversification tool in investment portfolios [2] - Goldman Sachs anticipates that the role of commodities in hedging against inflation and extreme risks is becoming increasingly significant [2]