Metals Outlook Industrial metals to fall further, before 2020 rebound Global demand growth is set to slow to its weakest pace since the global financial crisis, causing investor sentiment towards industrial metals to deteriorate. Both of these factors should drag... 28th January 2019 · 1 min read
Global Markets Outlook Turning economic cycle favours bonds over equities We think that the darkening prospects for the global economy favour high-grade bonds over equities this year. Our forecasts are for the Chinese and euro-zone economies to lose more momentum, and for a... 25th January 2019 · 1 min read
Precious Metals Update New gold and silver price forecasts We remain bullish on gold and silver prices and have revised up our end-2019 forecasts to $1,350 per ounce and $17.50 respectively, as we expect both metals to attract investors seeking safe havens. 10th January 2019 · 1 min read
Precious Metals Update One small step … China has announced a (small) increase in its reported official sector gold holdings for the first time in over two years, but regardless of whether this is repeated in the near future, central bank... 8th January 2019 · 1 min read
Metals Chart Pack Gold to remain the star performer We suspect that there will be further falls in industrial metals prices as global economic growth slows and investors continue to flee from riskier assets. That said, economic and financial... 4th January 2019 · 1 min read
Metals Watch Gold on the road to recovery The price of gold has slowly and steadily risen in recent weeks to a 5-month high ahead of last night’s US Federal Reserve meeting. In this Metals Watch, we explain why we believe this rally in the... 20th December 2018 · 1 min read
Commodities Weekly Little festive cheer for commodities The prices of most commodities, including oil, traded in a narrow range this week, at least until Friday when weak economic data out of China prompted a synchronised fall in prices. We suspect that... 14th December 2018 · 1 min read
Precious Metals Update Palladium’s golden days may not return The price of palladium rose above that of gold earlier this week for the first time since 2002, but gold has returned to a premium today and we think this premium will grow as the palladium price... 6th December 2018 · 1 min read
Metals Chart Pack Slowing Chinese growth does not bode well for prices Steel and iron ore prices fell precipitously in November, as the reality of slowing Chinese demand growth finally filtered through into softer prices. We think that global demand will continue to... 5th December 2018 · 1 min read
Precious Metals Update Investors to return to precious metals We think that the prices of precious metals, except palladium, will rise in 2019, in part because we expect an early end to Fed tightening and stronger safe-haven demand in the second half of the year... 28th November 2018 · 1 min read
Metals Data Response China and India Gold Imports (Oct.) Gold imports by China and India slumped on a y/y basis in October. However, we expect a rebound in imports to India in the coming months as gold prices in rupee terms have dropped back. 26th November 2018 · 1 min read
Precious Metals Update Silver surplus unlikely to last long The silver market has moved into its first meaningful surplus since 2010 as investor demand has plunged but we expect this will rebound next year, causing the surplus to dwindle and silver prices to... 21st November 2018 · 1 min read
Metals Watch Iron ore prices to weaken The price of iron ore has jumped on the back of expectations of weaker anti-pollution measures in China. In this Metals Watch we explain why we think higher prices will prove short-lived. 16th November 2018 · 1 min read
Metals Chart Pack Precious outperform base After strong gains in September, most base metals prices fell in the past month, as global growth concerns made investors more risk averse. Against this backdrop, precious metals generally gained... 6th November 2018 · 1 min read
Commodities Weekly All eyes turn to the US The US is set to take centre stage next week as it re-imposes sanctions on Iran’s oil on Monday. While this may spark bargain hunting, after this week’s slump in prices, any relief rally should be... 2nd November 2018 · 1 min read
Precious Metals Update Q3 2018 World Gold Council Demand Trends After a lacklustre first half of the year, global gold demand rose in Q3, albeit marginally. We think that consumer demand may well remain soft in Q4, but the upturn in ETF holdings in October could... 1st November 2018 · 1 min read
