India Chart Pack Modi on the cusp of victory Exit polls signal that Prime Minister Modi’s BJP and its coalition partners in the National Democratic Alliance have won India’s election. Admittedly, exit polls have been wrong in the past, not least... 21st May 2019 · 1 min read
Commodities Weekly Geopolitics will be a factor in OPEC’s output policy Softer April activity and spending data out of China and negative sentiment surrounding the impasse in US-China trade talks weighed on the prices of many metals this week. We had always suspected that... 17th May 2019 · 1 min read
Precious Metals Update Q1 2019 World Gold Council Demand Trends While flattered by base effects, a surge in central bank buying and strong inflows to exchange-traded funds (ETFs) meant that gold demand grew by a healthy 7% y/y in Q1. While central banks should... 2nd May 2019 · 1 min read
Metals Outlook Risk appetite to be the key driver of prices Our forecast that global economic growth will stay lower for longer suggests that the recent revival in industrial metals prices will prove short-lived. However, the prices of gold and silver could... 30th April 2019 · 1 min read
Metals Data Response China and India Gold Imports (Mar.) While the latest trade data suggest that Indian demand for gold strengthened further in March, China’s imports remained in the doldrums. Despite the fact that both countries’ imports were probably... 29th April 2019 · 1 min read
India Chart Pack Election crosses halfway stage India’s mammoth general election that began earlier this month is now past the halfway stage. Votes have been cast in 302 out of the country’s 543 constituencies, with four days earmarked for further... 24th April 2019 · 1 min read
Commodities Outlook Short-term pain, long-term gain We think that the prices of most commodities will fall this year as global economic growth remains weak and investor risk aversion returns. While policy in China has become more accommodative, it is... 17th April 2019 · 1 min read
Commodities Weekly Waiting for the next big move It has been a relatively quiet week in most commodity markets, except for energy. Oil prices rose again, to over $70 per barrel for Brent, on news of military operations in Libya. However, we think at... 12th April 2019 · 1 min read
Metals Chart Pack Supply concerns provide price support, for now The prices of industrial metals generally held on to year-to-date gains in March, due to supply fears coupled with investor optimism around a successful resolution to US-China trade talks. Even if a... 3rd April 2019 · 1 min read
Metals Data Response China and India Gold Imports (Feb.) Even looking through the Lunar New Year distortions to China’s imports, the latest trade data still point to very weak gold demand from India and China in February. While China and India’s imports are... 26th March 2019 · 1 min read
Precious Metals Update Silver prices likely to rebound Despite weaker industrial demand, we expect silver prices to rally by more than 10% this year as safe-haven demand returns and mine production falters. 19th March 2019 · 1 min read
Commodities Weekly Prices can’t keep ignoring the data The prices of many commodities rose this week, despite soft economic data, in part owing to confirmation of Chinese policy stimulus at the National People’s Congress. As it happens, we think the scale... 15th March 2019 · 1 min read
Precious Metals Update Emissions drama returns to the PGM markets This week Fiat Chrysler Automobiles (FCA) announced a recall of almost 1 million vehicles. But even this should be insufficient to prevent palladium or rhodium prices from dropping markedly from... 15th March 2019 · 1 min read
Metals Watch Platinum ETF holdings to increase to record high In stark contrast to recent years, investors have been drawn to platinum so far in 2019. As a result, ETF holdings have risen by more than a sixth in just two months and are rapidly approaching the... 12th March 2019 · 1 min read
Metals Chart Pack Risk appetite likely to fade Increasing signs of a US-China trade deal prompted a return of risk appetite and led to the prices of many industrial metals hitting multi-month highs and a sell-off in gold and silver. However, even... 6th March 2019 · 1 min read
Precious Metals Update Gold still set to shine Despite having risen by over a tenth in the past six months, we believe that the upswing in the gold price has further to run. Our forecast of falling equity prices this year suggests strong demand... 1st March 2019 · 1 min read
