The parabolic move in US and global semiconductor stocks has culminated in a nearly 130% rally in the Philadelphia Stock Exchange Semiconductor Index since late March. What could stop this incredible move? Semiconductor stocks…
Highlights With a vaccine already rolling out in the UK and soon in the US, investors have reason to be optimistic about next year. Government bond yields are rising, cyclical equities are outperforming defensives, international stocks…
Dear Client, We are sending you our Strategy Outlook today, where we outline our thoughts on the macro landscape and the direction of financial markets for 2021 and beyond. Next week, please join me for a webcast on Thursday, December…
BCA Research’s Commodity & Energy Strategy service concludes that gold prices will soon recover as markets once again focus their attention on a falling USD and flat real rates in the US next year. We remain long spot…
Gold has recently declined, as our short-term fair value model had predicted would occur. We recently highlighted that the price of gold was propelled higher by three factors: a safe-haven effect, a significant decline in real…
Gold has risen 25% this year, propelled higher by a set of three closely-related factors: A safe-haven effect, in response to a historic societal and economic disruption from the pandemic, A very significant decline in…
Highlights Most sentiment and technical indicators suggest the dollar is undergoing a countertrend bounce rather than entering a new bull market. However, the internal dynamics of financial markets remain short-term constructive for…
The current weakness in the price of gold is intriguing in the context of heightened uncertainty surrounding fiscal policy and the economic outlook. Some of the decline can be attributed to the dollar’s rebound and the fact…
Highlights We remain bearish on the US dollar over the next 12 months. The best vehicle to express this view continues to be the Scandinavian currencies (NOK and SEK). Precious metals remain a buy so long as the dollar faces downside…