All Commodities articles
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White papersThe ‘Disruptive Ds’ Powering Commodities Markets
Commodities exposure could help adapt diversified portfolios for a changing world—eight trends explain why.
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White papersCross Asset Investment Strategy - October 2025
Topic of the month - Gold beyond records
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White papersGold beyond records
Gold has hit multiple record highs in 2025, recently surging past the $4,000 mark and climbing over 20% since mid-August. In our view, both cyclical and structural factors are contributing to this growth: growing unpredictability in macroeconomic and geopolitical landscapes, demographic shifts, structurally higher demand from central banks (CBs), expectations of Fed rate cuts, and a weak dollar are all supporting factors, and most recently, higher political uncertainty with the US shutdown.
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White papersAutomating Insight Extraction from Oil And Gas Sector Climate Disclosures with AI
Environmental, social, and governance (ESG) reporting has become a cornerstone of corporate transparency and accountability, especially within high emission sectors such as oil and gas. However, the traditional methods of extracting meaningful insights from ESG data are time-consuming and are in general processed manually.
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White papersGold is on track for a strong year
Gold prices set new record highs recently above $3,700 per ounce and are on track to deliver returns above 40% this year, the strongest yearly performance since 1980. This stellar performance follows already strong gains in 2023 and 2024, and compares with the long-term average annual return of around 6.0%.
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White papersWhen down is up and South is North: Trade finance and tariffs
Tariffs continue to dominate headlines, drawing the focus of policymakers, businesses and consumers alike. These trade barriers, often enacted to shield domestic industries, can have profound effects on global commerce. A well-structured trade finance strategy offers investors the potential ability to seize these emerging opportunities.
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White papersOversupply risks rise as oil demand softens: Quick takes on capital markets
Diverging inflation trends and weak growth leave the ECB cautious, as markets debate whether September marked the final rate cut—underscoring the uncertainty around Europe’s monetary policy path and its impact on investor sentiment.
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White papersUnified Global Alternatives – Hedge Fund Bulletin: Monthly Hedge Fund Update – July 2025
Risk assets produced mostly positive performance in July as investors focus shifted towards constructive earnings, strong inflows from both retail and professional communities, as well as a softening in early month factor rotation pressures. The Dow Jones Industrials, S&P500 and the NASDAQ had positive performance. In Equity / Hedged, US Equity Hedged strategies produced mostly positive returns.
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White papersIn Choppy Waters, Gold Remains a Firm Anchor
The sudden threat of U.S. tariffs on gold bars took markets by surprise—and reaffirmed our enduring investment case for gold.
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White papersDecoding Key Signals in the Relative Prices of Precious Metals
We believe the interplay among the prices of precious metals has important implications for constructing resilient, full-cycle commodity portfolios.
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White papersRelative-Value Macro: Finding Friends Outside the Trend
Trend-following may struggle in range-bound markets, but it’s not the only macro approach.
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White papersFields of Dreams: The Growing Disparity Between Yield Forecasts and Reality
After under-promising and over-delivering for much of the first half of the last decade, realized end-of-season yields have come in below early season United States Department of Agriculture (USDA) estimates consistently since 2019 for corn and 2022 for soybeans. When it comes to yield projection, past performance is assumed to inform future results. In fact, the most common approach to generating a basic estimate of US corn and soybean yields involves deriving an “unconditional” linear trend estimate from historical yield data starting in the 1980s.
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White papersKeeping it “Real”—The Case for Natural Resource Equities
Natural resource equities can provide inflation protection and portfolio diversification, making them a potentially compelling investment option in environments characterized by elevated inflation, heightened geopolitical risk, and increasing energy demand.
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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.
