Gold has the worst prospects among commodities over the next 12 months and crude oil has the best, according to an investor poll by Credit Suisse Group AG.
Seventy-one percent of respondents said gold has the worst outlook, and 16 percent said copper will be the biggest loser, the bank said in an e-mailed report today. Forty-nine percent expect crude oil to be the best performer, followed by a 27 percent vote for corn, according to a survey of about 160 participants conducted this week.
Gold dropped 28 percent last year, the first annual decline since 2000 and the biggest drop since 1981, as the U.S. Federal Reserve indicated it would start cutting its stimulus program and some investors lost faith in the metal as a store of value. The Standard & Poor’s GSCI gauge of 24 raw materials fell 2.2 percent last year.
Most investors expect commodity prices to be within 10 percent of current levels, according to the poll results. Sixty-two percent of respondents said they were either underweight commodities or had no exposure to the industries, Credit Suisse said.
The GSCI gauge gained 4.3 percent this year, led by coffee, lean hogs and nickel. Bullion advanced 8 percent this year. West Texas Intermediate crude is up 5.7 percent since the start of 2014 and Brent futures are little changed.
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