Metals Chart Pack Is the rally starting to fizzle out? The prices of most metals continued to make gains in the first month of 2018. The persistent depreciation of the US dollar supported the prices of all the metals, but notably that of gold. However... 5th February 2018 · 1 min read
Precious Metals Update What does India’s budget mean for gold? India’s budget for FY18/19, released yesterday, was a mixed bag for gold. On the one hand, incomeboosting measures for the rural population are good news for jewellery demand. On the other hand, the... 2nd February 2018 · 1 min read
Precious Metals Update Is there more to the gold rally than a weak dollar? Our analysis shows that dollar weakness can explain much of the recent strength in the price of gold. As such, given our view that the US currency will appreciate this year, we think that those gains... 31st January 2018 · 1 min read
Commodities Weekly Commodity price rally stalls The prices of many industrial commodities, including oil, fell this week despite the ongoing depreciation of the US dollar. The dollar was volatile, but ended the week lower. On Thursday, the... 19th January 2018 · 1 min read
Metals Watch Have we got too excited about EVs? Electric vehicle sales have skyrocketed over the past few years. As a result, the sector has become a growing source of demand for metals. In this Metals Watch, we look at the latest trends in... 11th January 2018 · 1 min read
Precious Metals Update Silver will continue to underperform gold in 2018 At first glance, the recent poor performance of silver would appear surprising given that both gold and industrial metals prices rallied in 2017. However, we think that reduced safe-haven demand has... 9th January 2018 · 1 min read
Commodities Weekly A cautious start to the year The prices of most commodities trended higher this week, supported by a weaker US dollar. Falling US stocks and heightened geopolitical risk pushed the oil price higher. In contrast, industrial metals... 5th January 2018 · 1 min read
Metals Chart Pack Industrials outperform precious metals in 2017 The prices of most metals rallied in 2017, bolstered by strong Chinese economic growth, a weaker dollar and, in some cases, supply concerns. But, overall, industrial metals outperformed precious... 4th January 2018 · 1 min read
Energy Chart Pack A strong start to 2018 A number of temporary factors, including unusually cold winter weather and supply disruptions, gave a last-minute boost to the price of oil in 2017. Coal and LNG prices also benefitted from high... 4th January 2018 · 1 min read
Commodities Weekly Metals return to the party It has been a good week for industrial metals, with prices rising on the back of data showing relatively stable industrial activity and solid growth in investment spending in China. The Fed’s rate... 15th December 2017 · 1 min read
Precious Metals Update Gold shrugs off Fed rate hike Somewhat counterintuitively, the price of gold gained 1.6% following the Fed’s decision to hike US interest rates for the third time this year and the fifth time in this tightening cycle. The lack of... 14th December 2017 · 1 min read
Commodities Update What does a flattening yield curve mean for gold? While a flattening US yield curve has, at times, been associated with a rising gold price, the relationship is far from perfect. Indeed, although we expect the curve to continue to flatten over the... 12th December 2017 · 1 min read
Commodities Weekly Gold vulnerable to further Fed tightening Commodity prices mostly fell this week. A stronger US dollar – following the US Senate’s approval of the “Tax Cuts and Jobs Acts” last Saturday – was the main reason behind the declines in prices... 8th December 2017 · 1 min read
Metals Chart Pack Metals starting to look vulnerable The prices of most metals fell in November, reflecting concerns about somewhat softer economic data out of China. The outlier was the ferrous sector, where prices surged on the prospect of Chinese... 5th December 2017 · 1 min read
Metals Data Response China and India gold imports (Oct.) The latest trade data for India and China show that gold imports remained weak in October. We had always thought that demand in India would soften in the second half of the year as a result of the new... 27th November 2017 · 1 min read
Commodities Weekly Political risks boost oil prices The price of oil jumped this week on rising tensions in the Middle East, which also lent some support to the gold price. In contrast, the prices of industrial metals fell, after strong gains a week... 10th November 2017 · 1 min read
