Neutral Global gold stocks have gone parabolic over the past four months and are in desperate need of a breather (top panel). Simultaneously, were President Mario Draghi to re-commence QE in the form of sovereign and…
Highlights Portfolio Strategy The contracting manufacturing sector that rekindled recession fears, the harsh reality of the Sino-American trade war weighing on profits, downbeat business confidence and mushrooming capex slowdown…
Highlights Currency markets continue to fight a tug-of-war between deteriorating global growth and easing global financial conditions. Such an environment is typically fertile ground for a dollar bull market, yet the trade-weighted…
Highlights While a self-fulfilling crisis of confidence that plunges the global economy into recession cannot be excluded, it is far from our base case. Provided the trade war does not spiral out of control, it is highly likely that…
We expect central banks generally – and the Fed in particular – will err on the side of maintaining monetary accommodation while uncertainty over trade and global growth prospects remains elevated. Fed Chairman Jay…
Just as it appeared the slowdown in global industrial activity had run its course, commodity markets face another test of demand resiliency brought on by exogenous political shocks (Chart Of The Week). As luck would have it, these…
Escalating Sino-U.S. trade tensions. The effect on gold prices from an escalation in Sino-U.S. trade tensions are difficult to model. On the one hand, such an escalation would positively impact gold prices, because it increases…
BCA's Foreign Exchange Strategy and Commodity & Energy Strategy services have collaborated to analyze how gold performs better than most alternative safe-haven assets – i.e. U.S., Japanese and Swiss bonds and…
The long global gold miners/short S&P oil & gas exploration & production pair trade hit our recently augmented trailing stop intraday yesterday, and we obeyed this stop and locked in gains of 12% since its July 15th inception…