Highlights from our latest issue:
Gold and silver broke out of their summer ranges in early August but corrected sharply in the wake of Federal Reserve Chairman Warsh’s speech at Jackson Hole.
US futures fully price two 25 basis point increases in the Federal funds rate by early 2027, suggesting headwinds may be priced in.
Holdings of gold-backed ETFs increased 92.9 tonnes in the first three weeks of August.
The options market remains skewed in favour of gold calls.
Outflows from exchanges and platinum-backed ETFs have stalled, pointing to the re-emergence of platinum’s structural supply shortage and a rise in lease rates.