Gold bugs’ hearts will have skipped a beat when President Trump announced the plan to construct a Golden Dome over the US earlier this week, only to regain a normal cardiac rhythm when it became clear that he was referring to a missile defence system rather than talking literally. Meanwhile, the news that OPEC+ is contemplating raising oil output in July by yet another 411,000 barrels per day is in line with our base case and consistent with our view that a chunky surplus will open up in the oil market next year.
Note: we will be discussing oil, gold, industrial metals, and more in an online briefing on Wednesday 4th June at 3pm BST. You can register here.
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