Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Commodities

<ul><li>Precious metals experiencing volatility, with gold up 18% in January and silver up over 40% this year</li><li>Correction in gold market seen as healthy and not overdue, with medium term target of $6,000 per ounce</li><li>Copper market experiencing intense volatility, with record levels hit and China's involvement impacting market dynamics</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Precious metals experiencing volatility, with gold up 18% in January and silver up over 40% this yearCorrection in gold market seen as healthy and not overdue, with medium term target of $6,000 per ounceCopper market experiencing intense volatility, with record levels hit and China's involvement impacting market dynamicsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities:  A week of commodity whiplash

<ul><li>Valuations were fair on last Friday, with the exception of the media-reported rate check by New York Fed for the Japanese yen which triggered a rise in the dollar and metals trade.</li><li>Despite potential consolidation and pullbacks ahead of payrolls, the macro backdrop favors pro-cyclical currencies and a weaker dollar.</li><li>Gold is believed to have a structural bullish trend, while silver may experience a sharp correction due to speculative overextension, and copper's rally is driven by Chinese flows and supply constraints.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Valuations were fair on last Friday, with the exception of the media-reported rate check by New York Fed for the Japanese yen which triggered a rise in the dollar and metals trade.Despite potential consolidation and pullbacks ahead of payrolls, the macro backdrop favors pro-cyclical currencies and a weaker dollar.Gold is believed to have a structural bullish trend, while silver may experience a sharp correction due to speculative overextension, and copper's rally is driven by Chinese flows and supply constraints.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX and Commodities: The dollar, metals, APAC and vols

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>Traders are hunting hard for short opportunities in commodities right now.</li><li>With the momentum carrying so many markets, that’s a thankless job: selling into a live trend costs you nerves and usually money.</li><li>The grain market, though, could soon offer a cleaner setup – reason enough to take a dedicated look here.</li></ul>

Traders are hunting hard for short opportunities in commodities right now.With the momentum carrying so many markets, that’s a thankless job: selling into a live trend costs you nerves and usually money.The grain market, though, could soon offer a cleaner setup – reason enough to take a dedicated look here.

Where the Short Sits in Grains – and Where It Doesn’t

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>This analysis highlights the increasing portfolio risk from positive equity-bond correlation in the current inflationary regime, proposing a diversified "Hard Asset Basket" as a necessary third pillar for better diversification.</li>
<li>Initial optimization of the precious metal basket reveals that while gold dominates, it may be worthwhile to investigate the addition one or more underlyer in the basket.</li>
<li>The study's cross-asset analysis demonstrates that introducing the hard asset allocation could improve the global efficient frontier, suggesting there may be a case for its strategic inclusion.</li>
</ul>


This analysis highlights the increasing portfolio risk from positive equity-bond correlation in the current inflationary regime, proposing a diversified "Hard Asset Basket" as a necessary third pillar for better diversification.
Initial optimization of the precious metal basket reveals that while gold dominates, it may be worthwhile to investigate the addition one or more underlyer in the basket.
The study's cross-asset analysis demonstrates that introducing the hard asset allocation could improve the global efficient frontier, suggesting there may be a case for its strategic inclusion.


Strategic Allocation 2026: Solving the Equity-Bond Correlation Crisis Via Gold, Silver, and Platinum

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold (GOLD COMDTY)</a> has doubled in price since Jan 2025. And it is massively overbought, according to our model. For sure not a good sign.  </li>
<li>In the last few years when stock markets went down, Gold was also sold off, so it was not a safe haven.</li>
<li>In this insight we will have a look at the SHORT case, and where to buy Gold again on the pullback.</li>
</ul>



Gold (GOLD COMDTY) has doubled in price since Jan 2025. And it is massively overbought, according to our model. For sure not a good sign.  
In the last few years when stock markets went down, Gold was also sold off, so it was not a safe haven.
In this insight we will have a look at the SHORT case, and where to buy Gold again on the pullback.


United States

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

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Gold (GOLD COMDTY)

Global Commodities: A week of commodity whiplash

Precious metals like gold and silver are experiencing volatility, with gold undergoing a healthy correction and a structural bullish story, while...

At Any Rate

Global FX and Commodities: The dollar, metals, APAC and vols

Overall, valuations were mostly fair in the market last week, with some exceptions such as the rate check on the Japanese yen leading to a surge in...

At Any Rate

Where the Short Sits in Grains – and Where It Doesn’t

With the momentum carrying so many markets, that’s a thankless job: selling into a live trend costs you nerves and usually money.

The Commodity Report

Strategic Allocation 2026: Solving the Equity-Bond Correlation Crisis Via Gold, Silver, and Platinum

Analysis suggests adding a diversified "Hard Asset Basket" to portfolios for better diversification in current inflationary environment,...

Jay Cameron

Tactical Outlook: Where Is GOLD Going?

Gold has doubled in price since Jan 2025, and is now massively overbought. Our model says this leg up is exhausted, but it may go higher, it's...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Commodities: A week of commodity whiplash

Precious metals like gold and silver are experiencing volatility, with gold undergoing a healthy correction and a structural bullish story, while...

At Any Rate

Global FX and Commodities: The dollar, metals, APAC and vols

Overall, valuations were mostly fair in the market last week, with some exceptions such as the rate check on the Japanese yen leading to a surge in...

At Any Rate

Where the Short Sits in Grains – and Where It Doesn’t

With the momentum carrying so many markets, that’s a thankless job: selling into a live trend costs you nerves and usually money.

The Commodity Report

Strategic Allocation 2026: Solving the Equity-Bond Correlation Crisis Via Gold, Silver, and Platinum

​Analysis suggests adding a diversified "Hard Asset Basket" to portfolios for better diversification in current inflationary environment,...

Jay Cameron

Tactical Outlook: Where Is GOLD Going?

​Gold has doubled in price since Jan 2025, and is now massively overbought. Our model says this leg up is exhausted, but it may go higher, it's...

Nico Rosti

Analysis suggests adding a diversified "Hard Asset Basket" to portfolios for better diversification in current inflationary environment,...

Gold has doubled in price since Jan 2025, and is now massively overbought. Our model says this leg up is exhausted, but it may go higher, it's...