Goldman (NYSE:GS) Uncertain on Sustainability of Commodity Narrative

Goldman Sachs' (NYSE:GS) analyst Jim O'Neill recently stated he's not sure of the sustainability of the commodity narrative, saying "a lot of strength in oil and gold is related to the dollar's weakness...and the whole energy efficiency thing in China is a big, big deal."

Where O'Neill's analysis breaks down is the reasons for the weakness of the U.S. dollar remain in place, with nothing seen that will change that any time soon.

For example, Federal Reserve Chairman Ben Bernanke continues to commit to printing or inflating the money supply, which guarantees a weaker U.S. dollar.

He is also not going to raise interest rates any time soon, which is another big factor in commodity prices.

One are where commodities appears to be changing is in relationship to the overall sector. Individual commodities will have to be watched more closely in the near term, as the broader sector does seemed to have slowed down, and investing in specific commodities the way to prosper going forward.