The Boost From the Hard Assets Rotation | Goldman Sachs Research | Commodities | 8 February 2026

> "**High for longer**. Our analysis suggests that the investor rotation in hard assets can keep several metals prices high for longer, including above what physical fundamentals justify, which we think is the case right now for copper." **Overview** > This report analyzes the impact of the "**Hard Assets Rotation**"—a shift where active investors move capital from "**soft assets**" (equities and bonds) into…