Precious Metals Update Gold and silver to end the year on the up The price of gold is vulnerable to one last dip if, as we anticipate, the Fed presses ahead with a first hike in US interest rates soon. We have reflected this risk in our end-Q3 forecast of $1,050... 1st September 2015 · 1 min read
Commodities Update Industrial commodities set for strong recovery into year-end The relief rally in Chinese equities prompted by additional policy stimulus has turned global sentiment around, but a sustained recovery in commodity prices will probably require hard evidence that... 28th August 2015 · 1 min read
Commodities Focus Making sense of the commodity slump Investor sentiment towards commodities has rarely – if ever – been more negative. However, the recent sharp falls in prices can largely be seen as the continuation of trends in place since 2011. The... 26th August 2015 · 1 min read
Metals Data Response South Africa’s Mine Production (Jun.) Although the latest data show stronger output in the South African PGM sector in June, the risk of strike action has risen in the last month and the potential for further power disruption remains. We... 25th August 2015 · 1 min read
Commodities Weekly China panic spreads The negative sentiment prompted by the slide in the renminbi has been compounded by further weakness in Chinese equities and another soft reading of the country’s manufacturing PMI. What’s more... 21st August 2015 · 1 min read
Metals Watch A brighter future for gold prices The price of gold has been undermined this year by the strength of the dollar and rising bond yields as the first hike in US interest rates approaches. Indeed, we continue to expect one more dip from... 21st August 2015 · 1 min read
Precious Metals Update Gold price to be supported by central banks’ buying In the last month, China has added a further 19 tonnes to its official holdings of gold. This supports our view that China’s gold accumulation will continue and that official purchases will be one of... 18th August 2015 · 1 min read
Commodities Update No respite for commodities yet Commodity prices have continued their decline over the past month, with both the GSCI and Bloomberg commodity indices falling to levels last seen in mid-2009. As a result, the gulf between returns... 17th August 2015 · 1 min read
Commodities Weekly China’s “devaluation” lifts precious metals prices The People’s Bank of China surprised markets on Tuesday by lowering the reference rate that determines the mid-point of the renminbi’s trading band against the US dollar. Although the bank explained... 14th August 2015 · 1 min read
Precious Metals Update Q2 World Gold Council Demand Trends In its latest World Demand Trends report, published today, the World Gold Council depicted a challenging time for gold in Q2. Demand was weak across all sectors but supply also fell, meaning that... 13th August 2015 · 1 min read
Commodities Update What China’s ‘‘devaluation’’ means for commodity prices All else equal, a weaker renminbi means that US dollar-denominated commodities will be more expensive in local currency terms for Chinese buyers. However, with the renminbi unlikely to go into... 12th August 2015 · 1 min read
Metals Data Response US silver imports and exports (May) US silver imports fell in May after a strong April, but exports of semi-manufactured silver surged, suggesting recovering industrial demand from the rest of the world. Meanwhile, retail appetite for... 11th August 2015 · 1 min read
Industrial Metals Update Investor sentiment shows tentative signs of improvement The prices of precious metals (PMs) have fallen sharply since mid-July as sentiment towards commodities in general plummeted. A further slump in Chinese equities and unexpectedly weak Chinese PMI... 10th August 2015 · 1 min read
Precious Metals Update Currency depreciation won’t help producers much longer Depreciating producer currencies have played a major role in cushioning mining companies’ margins in recent years. However, with the prices of most precious metals below production costs even in local... 7th August 2015 · 1 min read
Metals Data Response World Gold Official Reserves (Jun.) Buying by global central banks picked up pace in June, with Russia once again particularly active. Going forward, we expect further official purchases to be one of several factors supporting the price... 6th August 2015 · 1 min read
Metals Chart Pack Negative sentiment weighs on precious metal prices The prices of almost all precious metals fell sharply last month as sentiment towards commodities in general plummeted. A further slump in Chinese equities and unexpectedly weak Chinese PMI numbers... 4th August 2015 · 1 min read
