Gold
Global gold mining stocks are breaking out on the back of the bid in gold prices. The confluence of spiking geopolitical uncertainty, both in the U.S. and globally, rise in equity volatility and safe haven bid in U.S. Treasurys have raised the…
Highlights The Fed's evident desire to lift its policy rate next week - presumably to get out ahead of inflation that has yet to show up in its preferred gauge - will weigh on gold. Oil ... not so much. This is because fundamentals once again are asserting…
Highlights Gold volatility is trending lower, suggesting unresolved economic and political issues are diminishing, and investors' confidence in the global economy is improving. This is a false positive. Uncertainty is elevated. "Known unknowns" loom large…
Gold mining shares look increasingly attractive, at least as a portfolio hedge. We took profits on our overweight position in the middle of last summer, just prior to the share price crunch, because tactical sentiment and positioning had gotten too…
Highlights Portfolio Strategy Food price deflation bodes well for increased volumes, and by extension, packaging stocks. Upgrade to overweight. Prospects for intensifying market and economic volatility argue for reestablishing a portfolio hedge in gold…
Highlights In line with our House view, we expect the USD will weaken near term, and are recommending a tactical long gold position if the metal trades to $1,180/oz. Longer term, the Trump administration's presumed fiscal-policy goals - e.g., lighter…
Highlights The tactical environment is dynamic, chaotic and unpredictable. ...Chaos also brings opportunity. We must recognize and exploit opportunities when chance presents them. Look for recurring patterns to exploit.1 Feature Highlights…
Feature Dear Client, For the last publication of 2016, we have opted to do something a little different. 2016 was a year were political shocks took pre-eminence. Whether we are talking Brexit, Trump, Italian referendum, Japanese upper-house elections, or…
Highlights The U.S. dollar will continue to appreciate while the RMB will depreciate further. This is a bad omen for EM risk assets, commodities, and global late cyclical equity sectors. Gold often leads oil and copper prices. Investors should heed the…