India Chart Pack Services holding up better than industry Q3 GDP data due next week are likely to show a further slowdown in India’s economy, with the industrial sector the main source of weakness. However, some comfort can be taken from the fact that the... 22nd November 2019 · 9 mins read
Precious Metals Update Higher gold price forecast, but big picture unchanged We have revised up our end-2020 forecasts for the prices of gold and silver as we now expect a smaller rise in US Treasury yields next year. That said, we retain our view that a softening in safe... 8th November 2019 · 3 mins read
Metals Chart Pack October’s price gains a false dawn A cocktail of an apparent softening of US-China trade tensions coupled with several supply outages pushed the prices of most base metals higher in October. Perhaps somewhat unusually, the price of... 6th November 2019 · 7 mins read
Metals Outlook Metals to muddle through in 2020 We have revised up our end-2020 forecast for the prices of gold and silver to reflect the fact that we now expect roughly as much monetary easing by the Fed as the market. Meanwhile, we have trimmed... 1st November 2019 · 17 mins read
Precious Metals Update China and India Gold Imports (Sep.) Gold imports by China and India fell once again in September. With the Chinese economy set to slow and Indian consumer preferences slowly drifting away from gold, Asian physical demand is likely to... 25th October 2019 · 2 mins read
India Chart Pack Government bond yields likely to rise Local bond yields have dropped over the past few months as the Reserve Bank has continued easing monetary policy, but we think they will start rising again before long. Fiscal policy has been loosened... 23rd October 2019 · 9 mins read
Commodities Weekly Trade talk optimism could prove misguided With little in the way of major economic data releases this week, most commodity prices rose on the back of news that the US and China may agree a “mini deal” as part of ongoing trade talks. This... 11th October 2019 · 7 mins read
Metals Watch Palladium to outperform platinum if AMCU strike There is a significant risk that the ongoing wage negotiations between platinum group metals (PGM) producers in South Africa and the Association of Mineworkers and Construction Union (AMCU) will lead... 4th October 2019 · 5 mins read
Metals Chart Pack Melancholy to persist this year After some fleeting optimism on the back of an apparent easing in US-China trade tensions in September, the recent run of weak US survey data saw demand concerns return to the fore. We think that... 3rd October 2019 · 7 mins read
Commodities Chart Pack Still too soon to turn positive Oil prices dipped in September despite the attacks on Saudi Aramco. In contrast, the prices of most other commodities increased owing to a rise in investor risk appetite. However, we expect US... 1st October 2019 · 7 mins read
Metals Data Response China and India Gold Imports (Aug.) Gold imports in China and India remained extremely weak in August. With local currency prices likely to stay elevated, and growth in China set to slow, a turnaround in demand is unlikely anytime soon. 25th September 2019 · 2 mins read
Precious Metals Update The gold price rally is over While we are revising up our once-bullish end-2019 forecasts for the prices of gold and silver, we think that the price rally this year has now run its course. Next year, we expect a recovery in bond... 11th September 2019 · 3 mins read
Metals Chart Pack Demand concerns to continue driving prices We expect worries about the escalating US-China trade war and prospects for the global economy to continue to drive metals prices in the coming months. Precious metals are benefitting from the... 6th September 2019 · 7 mins read
Metals Watch Incoming US tariffs put metals in the crosshairs As it stands, the US is set to levy a 15% tariff on roughly $300bn of ‘List 4’ imports from China, of which around half will be introduced on 1st September and 15th December respectively. We had... 29th August 2019 · 6 mins read
Precious Metals Update China and India Gold Imports (Jul.) Gold’s price rally saw Indian and Chinese imports continue to tumble in July. And, given that prices have risen further in August, gold imports could record multi-year lows in the second half of 2019. 28th August 2019 · 2 mins read
Precious Metals Update Palladium and rand dent platinum’s prospects We forecast that a weaker South African rand coupled with the high prices of by-products at platinum mines will mean that the price of platinum stays firmly in the doldrums over the next couple of... 19th August 2019 · 3 mins read
