Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. 9 July 2025 | 5:00AM BST This report is intended for distribution to GS institutional clients only. GOAL: Global Opportunity Asset Locator 2H Outlook: Goldilocks and the three bears Christian Mueller-Glissmann, CFA +44(20)7774-1714 | christian.mueller- glissmann@gs.com Goldman Sachs I ...

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another. Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a ...