Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Commodities

<ul><li>Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.</li><li>Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.</li><li>We’re staring down the barrel of a pretty material manufacturing slump in Q2.</li></ul>

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.We’re staring down the barrel of a pretty material manufacturing slump in Q2.

The Drill: A rush for gold amidst a geopolitical circus unfolding

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>President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.</li><li>Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.</li><li>Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday - for a limited time period of 90 days - presumably to have more time to make deals with each country.</li></ul>

President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday - for a limited time period of 90 days - presumably to have more time to make deals with each country.

How Commodities React To Trumps New Global Trade Plans

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<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 been rallying up without stop for the past 13 weeks (only pause was a 1 week pullback at the end of February).</li>
<li>The commodity looks overbought WEEKLY according to our tactical model, there is a chance that it will pullback this week or the next (although it could rally for longer...).</li>
<li>Several players are buying <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold (GOLD COMDTY)</a> and we do not see any sharp pullback on the horizon, obviously, any pullback is a BUY opportunity. We'll discuss where to buy.</li>
</ul>



Gold (GOLD COMDTY) has been rallying up without stop for the past 13 weeks (only pause was a 1 week pullback at the end of February).
The commodity looks overbought WEEKLY according to our tactical model, there is a chance that it will pullback this week or the next (although it could rally for longer...).
Several players are buying Gold (GOLD COMDTY) and we do not see any sharp pullback on the horizon, obviously, any pullback is a BUY opportunity. We'll discuss where to buy.


Gold's Tactical Outlook and Profit Targets: Currently Peaking, But Pullback Is a Buy Opportunity

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

<ul><li>Surging demand for gold is leading to unexpected consequences in Ghana</li><li>The gold industry is impacting cocoa production and causing environmental destruction</li><li>Some individuals are turning to illegal gold mining out of necessity due to economic pressures</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Surging demand for gold is leading to unexpected consequences in GhanaThe gold industry is impacting cocoa production and causing environmental destructionSome individuals are turning to illegal gold mining out of necessity due to economic pressuresThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How high gold prices are fueling a chocolate shortage

<ul><li>As of today, we’re still short cotton, but we see a major potential reversal pattern brewing in the market.</li><li>A worsening economic outlook provided major headwinds to the price of cotton during the past few couple of months.</li><li>Overall, the market has corrected more than 50% since Q2 of 2022.</li></ul>

As of today, we’re still short cotton, but we see a major potential reversal pattern brewing in the market.A worsening economic outlook provided major headwinds to the price of cotton during the past few couple of months.Overall, the market has corrected more than 50% since Q2 of 2022.

Major Cotton Reversal Trade / Potential Investment Case

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)

The Drill: A rush for gold amidst a geopolitical circus unfolding

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics. Energy prices are drifting lower — just as...

Steno Research

How Commodities React To Trumps New Global Trade Plans

Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s...

The Commodity Report

Gold's Tactical Outlook and Profit Targets: Currently Peaking, But Pullback Is a Buy Opportunity

GOLD has been rallying relentless, but it may be (temporarily) peaking, according to our Gold quantitative tactical model. We see pullbacks to the...

Nico Rosti

How high gold prices are fueling a chocolate shortage

Investors driving up the price of gold in Ghana is leading to negative consequences such as environmental destruction, impacts on cocoa production,...

Behind the Money

Major Cotton Reversal Trade / Potential Investment Case

A worsening economic outlook provided major headwinds to the price of cotton during the past few couple of months. Overall, the market has...

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Drill: A rush for gold amidst a geopolitical circus unfolding

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics. Energy prices are drifting lower — just as...

Steno Research

How Commodities React To Trumps New Global Trade Plans

Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s...

The Commodity Report

Gold's Tactical Outlook and Profit Targets: Currently Peaking, But Pullback Is a Buy Opportunity

​GOLD has been rallying relentless, but it may be (temporarily) peaking, according to our Gold quantitative tactical model. We see pullbacks to the...

Nico Rosti

How high gold prices are fueling a chocolate shortage

Investors driving up the price of gold in Ghana is leading to negative consequences such as environmental destruction, impacts on cocoa production,...

Behind the Money

Major Cotton Reversal Trade / Potential Investment Case

A worsening economic outlook provided major headwinds to the price of cotton during the past few couple of months. Overall, the market has...

The Commodity Report

GOLD has been rallying relentless, but it may be (temporarily) peaking, according to our Gold quantitative tactical model. We see pullbacks to the...