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
Metals Chart Pack Metals still staring into the abyss Industrial metals prices plummeted in March. And with the virus-related disruption outside of China yet to peak, we suspect that prices will fall further over the coming months. Even if containment... 2nd April 2020 · 7 mins read
Precious Metals Update Deflationary fears a bad omen for gold Fire sales of gold have seemingly given way to safe-haven buying following yesterday’s unprecedented intervention by the Federal Reserve. Providing the Fed has injected sufficient liquidity to defend... 24th March 2020 · 3 mins read
India Chart Pack Virus and Yes Bank debacle dash hopes of recovery It has been a dreadful few weeks for India’s economy. This started with the release of GDP data showing that growth in Q4 slowed to its weakest pace since 2013. And hopes of a near-term recovery have... 19th March 2020 · 10 mins read
Commodities Weekly Still some way from the bottom Commodity prices tumbled this week, echoing moves in other financial markets. Oil was among the worst performers as Saudi Arabia and Russia announced that they will ramp up output from April, after... 13th March 2020 · 7 mins read
Commodities Update Gold to find its feet later in the year In the last few weeks, we have revised down our forecast for global economic growth this year owing to the hit to activity from the coronavirus. At the same time, we now expect looser global monetary... 13th March 2020 · 3 mins read
Metals Chart Pack Don’t rule out further price falls February was another poor month for industrial metals. However, prices fell by less than in January and policy loosening seems to have stabilised prices more recently. That said, the outbreak of COVID... 6th March 2020 · 7 mins read
Commodities Chart Pack Prices still searching for the bottom Commodity prices continued to fall in February as the coronavirus, which started in China, spread to most other regions of the world and sparked fears of a slowdown in global economic activity. We... 4th March 2020 · 8 mins read
