Metals Data Response China and India Gold Imports (May) Imports of gold into China and India in May were little changed from the previous month and continue to paint a grim picture for physical demand in the world’s top gold importing nations. We expect... 25th June 2020 · 2 mins read
Precious Metals Update The surge in China’s PGM imports is misleading Soaring Chinese imports of platinum group metals (PGM) could be taken as a sign that end-use is racing back towards its pre-virus level. However, we think that higher imports merely reflect... 11th June 2020 · 2 mins read
Precious Metals Update Fears of inflation unlikely to boost gold price This year’s rally in the gold price has come on the back of a coronavirus-led surge in safe-haven buying and a plunge in interest rate expectations. More recently, however, we suspect that the uptick... 10th June 2020 · 3 mins read
Metals Focus Wounded auto sector could haunt palladium for years We expect the palladium market to remain in a deficit this year as both demand and supply plummet. Palladium supply should bounce back reasonably quickly, but the medium-term outlook for palladium... 4th June 2020 · 15 mins read
Metals Chart Pack Recovery in industrial metals has further to run May was a good month for metals prices. The ongoing revival in economic activity in China helped to lift the prices of most industrial metals, while investment demand for precious metals remained... 3rd June 2020 · 7 mins read
Metals Data Response China and India Gold Imports (Apr.) The latest data couldn’t be clearer: gold demand in the top two importing nations all but vanished in April. Imports should rise in the months ahead but will remain low by past standards. In any case... 26th May 2020 · 2 mins read
Metals Watch Picking apart the silver price Silver is often described as having a strong price correlation with the business cycle, owing to its numerous industrial applications. Others cite its safe-haven appeal. In this Metals Watch, we... 18th May 2020 · 9 mins read
Precious Metals Update Q1 2020 World Gold Council Demand Trends While a surge in ETF inflows offset weak physical demand in Q1, we don’t expect this to be repeated over the coming quarters. After all, many of the factors that have boosted the investment appeal of... 30th April 2020 · 3 mins read
Industrial Metals Update China stockpiling is not a long-term solution The incentives offered by China’s provincial governments will artificially boost demand for base metals, especially lead and zinc. As a result, smelters who may have cut supply or shut altogether may... 29th April 2020 · 3 mins read
Metals Data Response China and India Gold Imports (Mar.) Imports of gold into China and India continued to contract at a double-digit pace in March. But the plunge in physical demand has had little impact on the gold price, as it has been outweighed by... 27th April 2020 · 2 mins read
Metals Outlook The long road to recovery Measures designed to contain the spread of coronavirus have dealt a heavy blow to metals demand. Assuming that these measures are lifted at a global level in the second half of the year, we expect a... 27th April 2020 · 17 mins read
Asset Allocation Update We doubt that gold will continue to outperform While gold has rallied over the past month, we don’t think that it will continue to outperform most other asset classes in the way that it did in the aftermath of the Global Financial Crisis (GFC). On... 22nd April 2020 · 4 mins read
Precious Metals Update Not much road left for gold The gold price has benefitted lately from demand for “safe” assets and an apparent easing of deflationary fears. While we also doubt that an extended period of deflation is on the cards, runaway... 17th April 2020 · 3 mins read
Metals Focus A deep dive on supply in the context of COVID-19 It is now crystal clear that virus containment measures will deal an unrivalled blow to metals demand. But the extent to which these same measures may also hit supply is up for debate. Despite all the... 16th April 2020 · 12 mins read
Precious Metals Update Gold jewellery demand takes a pounding The latest trade data show sharp contractions in gold imports by major consumers China and India, suggesting that gold jewellery demand has taken a battering. Until signs emerge that the spread of... 9th April 2020 · 3 mins read
Precious Metals Update Car sector woes spell bad news for PGMs As growing numbers of car companies idle production in response to COVID-19, we suspect that platinum group metals (PGM) demand will slow to a crawl. What’s more, job losses and income cuts due to... 6th April 2020 · 3 mins read
