Latin America Economics Weekly China-Panama rupture, precious metals & Lat Am The Panamanian Supreme Court’s decision to annul the licences that allowed a Hong Kong based firm to operate in the Panama Canal has been met with a backlash from China. While it’s not clear if China... 6th February 2026 · 5 mins read
Commodities Chart Pack Commodities Chart Pack (Feb. 2026) Geopolitical risk and speculation lifting prices for now The sharp rise and fall in precious metals prices, which appeared to be driven somewhat by leveraged investors, has all the hallmarks of a... 5th February 2026 · 1 min read
Commodities Update Six key questions about the sell-off in precious metals We recently hosted a Drop-In on the sell-off in gold and other precious metals. This Update answers six key questions on topics such as the role of leverage in driving prices, the macroeconomic and... 3rd February 2026 · 4 mins read
Commodities Weekly Geopolitical risks mask a fundamentally bearish oil market The building tensions between Iran and the US have driven Brent crude prices to a six-month high. That said, we think that the historical example of last year’s 12-day war, and a well-supplied oil... 30th January 2026 · 4 mins read
Commodities Update The higher gold goes, the harder it could fall It’s notoriously hard to objectively value gold, and it’s plausible that the rapid ascent in gold prices could reflect a paradigm shift in demand. In fact, if gold prices were to follow the trajectory... 30th January 2026 · 5 mins read
Commodities Weekly Higher EU gas prices won’t last; a 1970s-esque gold market? The fact that EU natural gas prices rallied this week, even after tensions in the Middle East had de-escalated, suggests that the prospect of cold weather and short covering by speculative investors... 16th January 2026 · 4 mins read
Commodities Chart Pack Commodities Chart Pack (Jan. 2026) Investors prepare for Venezuelan oil Although Venezuela is well known for having vast oil reserves, it is likely to require a number of years and significant investment to meaningfully increase the... 8th January 2026 · 1 min read
Commodities Weekly Taking stock, and looking ahead As 2025 draws to a close, our view that energy prices would fall has proved pleasingly accurate, with the price of Brent crude currently exactly in line with our long-standing forecast of $60pb and... 19th December 2025 · 4 mins read
Commodities Update Key Commodity themes to watch in 2026 Our latest Outlook outlines our commodity price forecasts over the coming years. This Update further highlights the key themes and the factors that will shape commodity market developments in 2026. 18th December 2025 · 4 mins read
Commodities Outlook Record-high metals prices to fall back in 2026 The outlook for oil is dominated by an abundance of supply, which will continue to weigh on prices over our forecast horizon. Meanwhile, although structural demand factors will keep gold and silver... 15th December 2025 · 22 mins read
Europe Economics Update Euro-zone inflation to fall below 2% soon Euro-zone inflation has hovered close to or above the 2% target for over a year, but we think it will fall to about 1.5% in January and average just 1.3% in 2026. 19th November 2025 · 4 mins read
Commodities Chart Pack Commodities Chart Pack (Nov. 2025) Plenty of oil on water; revising down our gold forecast While the fallout from US sanctions on Russian oil majors has yet to manifest in the data, Russian seaborne oil exports are strong, and a wider... 5th November 2025 · 1 min read
Capital Daily ‘Au’ revoir, gold We doubt the recent pull-back in the price of gold will be unwound. Indeed, our new forecast is that the price will fall to $3,500/oz. by the end of 2026. 27th October 2025 · 4 mins read
Commodities Update Blowing the full-time whistle on the gold rally The latest leg of the gold rally looks like a market bubble that is in its final stages. So unlike some analysts, we are revising our forecasts lower and now expect prices to fall to $3,500 per ounce... 27th October 2025 · 3 mins read
