Rather than labeling these moves on Goldman’s part a conspiracy, it was more likely just a case of good indexing. After all, Goldman is considered by many to be the largest hedge fund on the planet with some of the best traders. Maybe Goldman was just being prudent by lowering its energy weightings as energy was beginning to become too large a part of its index. While we realize that the Goldman index is widely used as a benchmark, no one individual or firm (even Goldman) is bigger than the market itself. If Goldman were to make a move that was truly out of step with the market, investors would more than likely find themselves a more pertinent benchmark.
Editor's note: the iShares GSCI Commodity-Indexed Trust (GSG) is an ETF based on the Goldman Sachs Commodity Index