Legendary investor Warren Buffett’s much-quoted dismissal of the investment merits of gold is simple: the metal is “neither of much use nor procreative.” But the Oracle of Omaha has got this wrong. We believe that contrary to Warren Buffett’s complaints
The largest oil supply disruption on record The attacks on the Abqaiq and Khurais oil facilities in Saudi Arabia on 14 September triggered the largest oil market disruption on record. The attacks caused 5.7mbd of Saudi production to be shut
The first reports from Saudi Arabia after drone attacks on its key Abqaiq and Khurais oil fields seemed grim. About half of Saudi production was lost, and the drones inflicted significant damage on two key types of equipment: spheroids and
Our chart of the month shows that the link between energy stocks and oil appears to be on the slide. What’s happening? Typically, the US energy sector trades in tandem with oil prices. The sector is largely made up of
Weaker economic drivers limit upside commodity prices After a drop below 170 in August, the CRB-index recovered to 180. The main driver was higher WTI crude prices, which account for 23% of the index. We expect more range trading in
Onzekerheid troef terwijl de goudprijs recordhoogtes bereikt De handelsspanningen zijn handelsoorlogen geworden en de handelsoorlogen dreigen valuta-oorlogen te worden. Op 26 augustus bereikte de goudprijs zijn hoogste punt in zes jaar: 1.555 USD per ounce. De markten reageerden hiermee op
A diverse picture has emerged in base metals markets. The prices of aluminium, copper and zinc are now relatively low, while the price of nickel has risen to new heights. Clearly, the uncertain macroeconomic climate is having a depressing effect
Since the start of this year silver prices have risen 10% versus the US dollar and 13% versus the Chinese yuan and the Indian rupee. Despite the strong rise in silver prices, their overall performance has been rather disappointing. Gold
From the start of this year to 5 July, platinum prices underperformed palladium prices and gold prices by a wide margin, with only silver price performing worse. Since July, silver prices have caught up with gold prices, outperforming all other
Henry Hub Natgas prices under pressure based on high supply US Henry Hub Natgas prices have been under pressure since 2005. One reason is that in recent years US gas production has been on the rise. Not only the traditional
Lower economic growth leads to slower growth of global oil demand Due to the new escalation of the trade war between the US and China an agreement seems to be further away than ever. The import taxes have a negative
Gold prices have rallied by 17% this year. On 21 June our year-end forecast of USD 1,400 per ounce was reached and on 5 August our year-end 2020 forecast of USD 1,500 was also reached. We had expected higher gold
Markets at a glance Core government bond yields were sharply lower last week as the US Federal Reserve and Donald Trump gave financial markets much to ponder. On Wednesday, the FOMC reduced interest rates by 25bps, the first move since
As the first half of the year has elapsed, it is time to take stock of the developments within the commodities space. Some key price drivers changed quite dramatically; notably the move of central banks towards dovish monetary policies has
OPEC extends its production cut agreement with another nine months As expected, OPEC extended its production cut agreement of 1.2 million barrels per day (mb/d) with another nine months. Together with its partners, led by Russia, OPEC will maintain current
A more negative base view but still neutral on commodity prices We have downgraded our forecasts for global economic growth and we now expect a global monetary easing cycle to take shape, starting in US before too long. The changes
Global Investment Views The journey from market complacency to awareness of fragilities is in full swing, and the market correction in May is part of that, as is the recent recovery fuelled by dovish Central Banks (CB). Aware investors should
M idstream energy infrastructure companies have, in our view, generally emerged from the balance sheet and nancing challenges that had plagued the sector since 2014. With these issues now largely in the rearview mirror, oil and gas master limited partnerships
Precious Metals Watch Technical picture and the prospect of monetary policy easing are positive Trade war uncertainty could dent gold demand from China We keep our year-end forecast at USD 1,400 per ounce
Gold is becoming more mainstream. Since 2001, investment demand for gold worldwide has grown, on average, 15% per year. This has been driven in part by the advent of new ways to access the market, such as physical gold-backed exchange-traded
Monthly Commodity Insights On 10 April the CRB set a top and the index started a modest decline. Since 22 April the decline has accelerated and the index has lost around 5%. The decline of oil prices since 25 April
Outperformer bereikt 3-jaars mijlpaal De Achmea IM Grondstoffenstrategie vierde op 31 maart 2019 haar derde verjaardag. De strategie biedt professionele beleggers de mogelijkheid om eenvoudig in grondstoffen te beleggen met als doel: inflatiebescherming en diversificatie aanbrengen in de beleggingsportefeuille. De
De Achmea IM Grondstoffenstrategie vierde op 31 maart 2019 haar derde verjaardag. De strategie biedt professionele beleggers de mogelijkheid om eenvoudig in grondstoffen te beleggen met als doel: inflatiebescherming en diversificatie aanbrengen in de beleggingsportefeuille. De strategie heeft momenteel een
U.S. equities gained steam in April, powered by positive earnings, potential progress in U.S./China trade talks, and recent dovish sentiment from the Fed. The S&P 500®, the S&P MidCap 400® and S&P SmallCap 600® all gained 4%, and the VIX®
Energy Monitor US ends waivers on Iran sanctions Iran crude exports will drop, but not as far as people may fear Oil prices may gain somewhat, but upside potential is limited
The integration of #ESG criteria often has a greater impact for emerging countries. Find out why in an interview with our expert #Karine_Jesiolowski (via @allnews_ch).
Fresh #StarkieBlog! https://t.co/YZrzQpIlIQ
Low interest rates drive housing market -> https://t.co/XjhuRim2P7 #Interest #mortgages via @ABNAMROeconomen
