This year, we once again present our 2026 outlook as a retrospective from the future – a future in which the AI boom turned to bust.Next week, please join me for a Webcast on Wednesday, December 17 at 10:30 AM EST (3:30 PM GMT, 4:30…
Speculative froth has built up across all precious metals, yet gold’s structural tailwinds will allow it to weather corrections better than its peers.
In global markets, speculative forces have intertwined with the sound fundamentals of specific equity segments, perplexing investors. This report aims to distinguish between excessive price run-ups and healthy fundamentals…
Silver’s short squeeze and stretched technicals warn of a potential tactical pullback.
The dollar is breaking down, as capital leaves the US. The important question investors must answer is how much downside is left for the greenback, and whether depreciation will continue in a straight line over the coming months or pause (…
In this Insight, we highlight our strong conviction trades based on the central bank meetings held by the Bank of England, the Norges Bank, the Swiss National Bank and the Riksbank.
Our Commodity strategists see a breakdown of historical commodity correlations. The US dollar now shows a positive correlation with commodities, particularly energy, and a weaker dollar will no longer guarantee upside for commodity…
Oil, copper, and gold futures curves have experienced abnormal changes in the past few months, but a bearish global outlook will steepen contango structures across all three. Oil’s curve structure has flipped from backwardation…
The gold-to-oil price ratio seems tactically overextended, but global macro drivers suggest it will rise further. The gold bull run is still relatively young and not yet stretched compared to rallies from the past 50…
Our Commodity strategists remain defensive as both demand- and supply risks abound. Stay long gold and underweight oil and copper as increasing OPEC+ supply and tariff-driven demand risks will hurt energy and industrial metals prices…