Gold

Commodities have not been spared the wrath of the post-"Liberation Day" selloff. However, in the sea of red, gold continues to shine bright, climbing to a fresh record high. How much further does the recent price action have left to run? We explore technical indicators to gauge the likely price outlook for gold, oil, and copper over the coming months.

This week, our three screeners cover equity plays in: Gold mining stocks, Japanese Staples, and Implicit Dividend Yield. 

Commodity prices are succumbing to the risk-off environment triggered by President Trump’s reciprocal tariff announcement. The latest events and market moves raise several important questions about the outlook for commodity markets.

In this Strategy Report we address some of the most pressing questions raised during our recent discussions.

This report looks at the FX implications of the Trump tariffs, and the review of our Q1 trades.

In this Second Quarter Strategy Outlook, we explore the major trends that are set to drive financial markets for the rest of 2025 and beyond.

Expectations of US import tariffs drove the latest upleg in the prices of precious and industrial metals. However, there are no significant economic or political incentives for the US to impose import tariffs on these metals. Therefore, investors should fade the recent spike in gold, silver, platinum and copper prices. We are initiating a short position on silver as a tactical trade.

As gold keeps making new highs, many clients have asked us whether a gold allocation makes sense for their portfolios and, if so, how big that allocation should be. In this report we try to answer these questions from the perspective of investors with eight different home currencies. Specifically, we analyze the following properties of gold:  1) What drives gold? 2) What is gold’s role in a portfolio? 3) How much gold should investors own?