Commodities Update Metals in firing line of latest US tariffs Commodity prices plummeted yesterday in a knee-jerk reaction to the news of more US tariffs on Chinese goods. We have argued for some time that the US-China trade war was likely to escalate, and it... 2nd August 2019 · 3 mins read
Precious Metals Update Q2 & H1 2019 World Gold Council Demand Trends Central bank buying and ETF inflows underpinned robust demand for gold in the first half of 2019. While we think that strong official sector buying will continue, ETFs may start to see outflows as... 1st August 2019 · 3 mins read
India Economics Update Gold price rally won’t hurt external position Gold prices have hit a record high in rupee terms in recent weeks, surpassing the previous peak in 2012 when India was on the brink of a balance of payments crisis. But a drop in underlying demand for... 30th July 2019 · 3 mins read
Precious Metals Update What a difference two decades make … The ending of the Central Bank Gold Agreement signals that worries about central bank gold sales are firmly behind us. In fact, central bank buying is now a significant prop rather than a headwind to... 30th July 2019 · 3 mins read
Metals Outlook Base metals to see better days in 2020 Recent rallies in metals prices, particularly in precious metals and iron ore, are likely to falter sooner rather than later. Indeed, we expect almost all metals prices to drop in the remainder of... 29th July 2019 · 18 mins read
Precious Metals Update Palladium’s blue sky rally to cloud over The price of palladium has surged amid higher demand for the metal from the Chinese auto sector, due to the ‘Blue Sky Protection Plan’, and investor buying. But our in-house demand proxy suggests the... 19th July 2019 · 3 mins read
Precious Metals Update Why gold prices have risen too far, too fast In the last month, a slew of events sparked gold’s strongest rally in nearly three years. We have not changed our long-held view that lacklustre global growth and a tumble in equity markets will keep... 5th July 2019 · 3 mins read
Metals Chart Pack Clouds gathering over metals demand The key themes last month were a marked decline in expectations for global growth and a dash for safe-haven assets by investors. Even the recent easing of tensions in the US-China trade dispute has... 4th July 2019 · 7 mins read
Commodities Weekly Fed easing not a panacea for commodities Driven in large part by investors pricing in a greater degree of interest rate cuts in the US, the gold price leapt to its highest level in over a year this week. That same anticipation of policy... 7th June 2019 · 1 min read
Metals Chart Pack Risk aversion is another headwind for metals prices The recent escalation in global trade tensions and ongoing weakness in the world economy have led to a sell-off in risky assets, including most industrial metals. In contrast, the price of gold has... 6th June 2019 · 1 min read
Precious Metals Update Gold has further to rise in 2019 The combination of a scaling back of US interest rate expectations, a struggling S&P 500, and the dollar coming off the boil has lifted the price of gold to a three-month high during the past week... 5th June 2019 · 1 min read
Commodities Weekly Trade back in the driving seat Trade was the big theme this week once again, with China suggesting it could restrict exports of rare earth elements to the US, as well as a rise in US-Mexico trade tensions. Consequently, the prices... 31st May 2019 · 1 min read
Asia Chart Pack Who is winning the trade war? With the trade war between the US and China continuing to escalate, a clear winner is starting to emerge: Vietnam. Since around the middle of last year, Vietnam’s exports to the US have shot up by... 29th May 2019 · 1 min read
Precious Metals Update China and India Gold Imports (Apr.) Chinese and Indian gold imports rose sharply in April, in part owing to lower prices. However, our forecast of a rally in the gold price this year suggests that India’s jewellery demand, in particular... 28th May 2019 · 1 min read
Commodities Weekly Demand concerns spreading to oil Weak flash PMIs in major advanced economies, especially in the US, have led to increased worries about the demand for industrial commodities. As a result, the recent softness in industrial metal... 24th May 2019 · 1 min read
Precious Metals Update Higher loadings won’t stop palladium prices falling We have revised up our estimates of palladium demand, despite weak car sales, due to higher loadings in China and Europe. We still expect the price of palladium to fall back from $1,310 per ounce... 23rd May 2019 · 1 min read
