Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>The Japanese election result provides a further catalyst for Japanese assets</li>
<li>The future direction of the USD is the most important variable</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
The Japanese election result provides a further catalyst for Japanese assets
The future direction of the USD is the most important variable


Overview #50 — A New Japan Meets a Nervous Dollar

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.

<ul>
<li>Section 232 is a statute of law allowing the president to investigate imports threatening national security</li>
<li>Metals markets have been affected by Section 232 investigations, with potential tariffs impacting silver and gold prices</li>
<li>The recent Critical Minerals report resulted in a lighter touch approach, focusing on negotiations and potential remedies rather than immediate tariffs, easing concerns in precious metals markets like silver</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Section 232 is a statute of law allowing the president to investigate imports threatening national security
Metals markets have been affected by Section 232 investigations, with potential tariffs impacting silver and gold prices
The recent Critical Minerals report resulted in a lighter touch approach, focusing on negotiations and potential remedies rather than immediate tariffs, easing concerns in precious metals markets like silver

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Oil, gas, and metals kick off a volatile year

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Precious metals have posted high-double-digit YTD gains but extreme RSI readings across the precious metals complex resemble prior late-cycle exhaustion phases.</li>
<li>Prior silver (2011) and platinum (2008) peaks saw weekly RSI above ~88–91, conditions that historically preceded blow-off tops and sharply negative forward returns.</li>
<li>With long-only demand exhausted, mean reversion in Gold–Platinum and Gold–Silver ratios offers cleaner late-cycle exposure than outright metals.</li>
</ul>


Precious metals have posted high-double-digit YTD gains but extreme RSI readings across the precious metals complex resemble prior late-cycle exhaustion phases.
Prior silver (2011) and platinum (2008) peaks saw weekly RSI above ~88–91, conditions that historically preceded blow-off tops and sharply negative forward returns.
With long-only demand exhausted, mean reversion in Gold–Platinum and Gold–Silver ratios offers cleaner late-cycle exposure than outright metals.


The Gold–Platinum Ratio at a Turning Point: Late-Cycle Signals and Precious Metals Risk Into 2026

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>Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.</li><li>Copper looks a bit different but also bullish, after breaking an H&amp;S pattern to the upside, providing both systematic and discretionary investors with a great setup.</li><li>Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.</li></ul>

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.Copper looks a bit different but also bullish, after breaking an H&amp;S pattern to the upside, providing both systematic and discretionary investors with a great setup.Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.

(Another) Industrial Metals Breakout // La Niña Weather Scenario

<ul><li>Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow</li><li>Expectation of continued central bank buying and investor demand growth in 2026</li><li>Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflowExpectation of continued central bank buying and investor demand growth in 2026Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metalsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Metals headed for even greater heights

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Palladium (XPD COMDTY)

Overview #50 — A New Japan Meets a Nervous Dollar

A review of recent events/data impacting our investment themes and outlook. We look at the implication sof the Japanese eelction results

Rikki Malik

Global Commodities: Oil, gas, and metals kick off a volatile year

Section 232 allows the president to investigate imports threatening national security, with the recent critical minerals report leading to...

At Any Rate

The Gold–Platinum Ratio at a Turning Point: Late-Cycle Signals and Precious Metals Risk Into 2026

Precious metals are signaling late-cycle exhaustion. Extreme RSI readings resemble prior peaks that led to sharp drawdown. Mean reversion in Gold...

Mint Finance

(Another) Industrial Metals Breakout // La Niña Weather Scenario

Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically...

The Commodity Report

Global Commodities: Metals headed for even greater heights

In the third quarter of 2025, gold demand surged to nearly 980 tons, driven by a price increase, with expectations for continued strong central...

At Any Rate

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)