Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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2024 has been a significant year for investment metals, with gold receiving substantial attention. The demand for gold has been driven by various factors, including the recent rate cut in the US, which has made it cheaper for investors to buy gold due to lower funding costs.
Interestingly, while gold has seen a 25% increase this year, silver has performed even better, rising by around 27%. Silver often mirrors gold's movements but in a more exaggerated manner, meaning it can rise faster but also fall more sharply. Recently, silver experienced a significant correction, influenced by a dip in demand from China over the summer. However, this situation is stabilizing.
As we move into the final quarter of the year and approach the US presidential election, there is potential for silver to outperform gold. This is partly because the dollar is expected to remain weak, supporting gold prices, and silver, currently priced just above $30, is still far below its 2011 record of $50. Investors looking to enter the market for investment metals might find silver more appealing due to its lower price relative to its historical highs.
In summary, 2024 has been a remarkable year for precious metals, with continuous record highs in gold and significant gains in silver, making it a notable period for investors in this sector.
Quarterly Outlook
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Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy
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Quarterly Outlook
FX outlook: Tariffs drive USD strength, until...?
John J. Hardy
Global Head of Macro Strategy
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Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Quarterly Outlook
Equity Outlook: Will lower rates lift all boats in equities?
Peter Garnry
Chief Investment Strategist
After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto... -
Quarterly Outlook
Commodity Outlook: Gold and silver continue to shine bright
Ole Hansen
Head of Commodity Strategy
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Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c... -
Quarterly Outlook
FX Outlook: USD in limbo amid political and policy jitters
Charu Chanana
Chief Investment Strategist
As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...