Gold

This week our three screeners explore equity trades in gold mining stocks, European banks, and US stocks ex-Tech should a recession not be imminent. 

Oil, copper, and gold futures curves have recently experienced abnormal shifts and twists. Brent is no longer fully backwardated, copper curves on the LME and CME have diverged, and gold is in a steep contango. 

We examine the drivers and implications of these shifts for prices and curve structure across the three commodities. 

MacroQuant sees the risks to US growth as being to the downside and the risks to inflation as being to the upside. Such a stagflationary brew justifies an underweight on stocks.

MacroQuant sees the risks to US growth as being to the downside and the risks to inflation as being to the upside. Such a stagflationary brew justifies an underweight on stocks.

Commodities have not been spared the wrath of the post-"Liberation Day" selloff. However, in the sea of red, gold continues to shine bright, climbing to a fresh record high. How much further does the recent price action have left to run? We explore technical indicators to gauge the likely price outlook for gold, oil, and copper over the coming months.

This week, our three screeners cover equity plays in: Gold mining stocks, Japanese Staples, and Implicit Dividend Yield. 

Commodity prices are succumbing to the risk-off environment triggered by President Trump’s reciprocal tariff announcement. The latest events and market moves raise several important questions about the outlook for commodity markets.

In this Strategy Report we address some of the most pressing questions raised during our recent discussions.

This report looks at the FX implications of the Trump tariffs, and the review of our Q1 trades.