All Commodities articles
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White papersIndependence Day’s big tax bill
Ballooning US federal deficits will heighten investors’ concerns about the sustainability of US fiscal policy, pushing them to look for opportunities arising in other areas.
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White papersNil, Baby, Nil: Stagnating Oil Production Growth in the U.S.
Commodities Spotlight | June 2025
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White papersGeopolitics fuels a surge in oil
“A sustained rise in oil prices could complicate central banks’ efforts to tame inflation and manage growth, given the already uncertain environment surrounding US tariffs and international trade.”
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White papersUS enters Israel-Iran conflict
Over the weekend, the United States launched airstrikes on three key Iranian nuclear sites, escalating tensions in the Middle East. While the full extent of the damage remains unclear, we expect Iran to retaliate, though likely in a manner aimed at avoiding deeper US involvement.
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White papersIt’s Electric: Is there a role for Lead and Zinc in the new energy economy?
Electricity demand has played an important role in driving trends in overall primary energy consumption, despite often playing second-fiddle to demand from the transportation sector. Similarly, electrification is generally viewed as a structural tailwind for “green” metals like copper, lithium and nickel, leaving other industrial metals like zinc and lead “out in the cold.” It might be time to re-think these assumptions!
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White papersAny port in a storm: China’s maritime dominance and section 301
Followers of financial markets over the past decade will undoubtedly have heard of Section 232, the subsection of the Trade Expansion Act of 1962 that has been used as the legal justification for the implementation of tariffs on goods such as steel and aluminum.
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White papersGold at a time of tariffs and trade war
“Gold prices should remain supported by demand for safe-haven assets, amid a threat of trade war, tariffs and their economic fallout.”
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White papersCommodities Spotlight
From Pandemic Bottlenecks to Tariff Turbulence: Unraveling the Elevated (EFP) Premium in Precious Metals
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White papers2025 Outlook for Latin America: subdued growth expected but several positives remain
Overall growth in Latin America (LatAm) is expected to be relatively sluggish in 2025, with headwinds for the region including a fiscal drag and potential disruptions to global trade under Trump 2.0. While Mexico and Brazil are facing a tougher year, Argentina is a positive outlier, with strong growth expected after two years of contraction, based on regulatory reforms and fiscal consolidation.
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White papersTaiwan Semiconductor Manufacturing: Engagement case study
How we engaged with the world’s largest contract manufacturer of semiconductor chips.
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White papersAfter two strong years, what will 2025 bring?
“2025 will continue to offer opportunities and investors will need to assess the impact of Trump’s policies.”
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White papersWill the equities rally continue in 2025?
Our Equities Outlook 2025 outlines why the Republican sweep in the US election could have wide-reaching implications for stock markets, currencies, commodities and foreign countries.
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White papersGold and geopolitics
“Gold prices may fluctuate in the short term, but metal is expected to potentially provide stability, over the medium term, as a result of geopolitical tensions and deteriorating government finances.”
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White papersThe rise of regional connectivity in Emerging Asia
Asian economies continue to demonstrate robust growth, albeit at varying rates, influenced by sectoral and industrial dynamics (value chain participation) and policy stimulus measures.
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White papersTransitioning to a riskier, messier and diversifying world
Our analysis suggests that the level of geopolitical risk will rise over the next few years. The trends that lead us to this conclusion are likely to also play out in 2025. Our Geopolitical Sentiment Tracker shows that more countries now have poor bilateral relations, while Russia’s ties with Iran, North Korea and China are deepening.
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White papersGold maintains its glitter
“Gold has been shining bright this year on the back of expectations of Fed rate cuts and rising geopolitical tensions. The metal may be used as a potential source of resilience in portfolios in an overall diversified* approach.”
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White papersGold continues to shine
“Despite its historically high price, we believe that gold remains a safe haven and a good diversification tool at a time of high geopolitical tensions and excessive government debt.”
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White papersWhat’s up with the yellow metal?
Higher pricing reflects supply and demand in a changing world. How should international investors respond?
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White papersGeopolitics in focus as NATO leaders meet
Invest globally, look for potential opportunities in emerging markets, and balance equities with government bonds to navigate uncertainty from US elections and geopolitical hotspots.
