Foreign media: Goldman Sachs told customers to buy copper the day before the price plummeted.

date
02/08/2025
Salespeople at Goldman Sachs Group advised their hedge fund clients to bet on a surge in copper prices in the United States just one day before President Trump's tariff decision caused the largest market crash in history. According to sources, during a conference call with clients on Tuesday, Goldman Sachs believed that Trump might continue to impose a 50% tariff on copper and advised buying short-term call options. If copper prices in the United States surged by 11%, these call options would yield a return. In reality, on Wednesday afternoon, the U.S. president only imposed limited tariffs, completely exempting tariffs on the primary trading form of copper, causing New York copper prices to drop by 22% within hours. That same evening, Goldman Sachs' commodity sales department sent an email to clients titled "No Copper Tariff, Apologies" stating their mistake.