Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>We have been bull bulls, but point and figure charts of gold and gold miners show that they are either very near or have outrun their measured price objectives.</li>
<li>Tactically, the contrarian trade would be to sell gold and buy bonds.</li>
<li>However, a cycle analysis leads us to conclude that the market is undergoing a shift to a hard asset price leadership cycle.</li>
</ul>


We have been bull bulls, but point and figure charts of gold and gold miners show that they are either very near or have outrun their measured price objectives.
Tactically, the contrarian trade would be to sell gold and buy bonds.
However, a cycle analysis leads us to conclude that the market is undergoing a shift to a hard asset price leadership cycle.


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

Rikki Malik

Commodities

<ul>
<li>How have our major investment themes performed so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on</li>
<li>We revisit our outlook for each of those asset classes for Q4 25</li>
</ul>


How have our major investment themes performed so far in 2025?
Review of the performance of the major markets and asset classes we focus on
We revisit our outlook for each of those asset classes for Q4 25


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.

<ul>
<li>Gold's current low-volatility phase, following its ascent to all-time highs, presents a strategic vol trading opportunity. This environment is characterized by steady gains and reduced expected downside.</li>
<li>Recent market trends, including investor and institutional support levels, suggest that strategies designed to profit from time decay could be beneficial, noting the stability of physical flows, contained intraday volatility.</li>
<li>While a short-term trading regime focused on range consolidation is indicated, potential risks from geopolitical shifts or unexpected central bank communications could quickly reprice gold's volatility. </li>
</ul>


Gold's current low-volatility phase, following its ascent to all-time highs, presents a strategic vol trading opportunity. This environment is characterized by steady gains and reduced expected downside.
Recent market trends, including investor and institutional support levels, suggest that strategies designed to profit from time decay could be beneficial, noting the stability of physical flows, contained intraday volatility.
While a short-term trading regime focused on range consolidation is indicated, potential risks from geopolitical shifts or unexpected central bank communications could quickly reprice gold's volatility. 


Harnessing Calm Waters: A Volatility Strategy for Gold's Quiet Ascent

<ul>
<li>Market Structure Signals Stability: Gold futures have remained range-bound near technical resistance, with intraday volatility compressing—suggesting a market more likely to drift than break.</li>
<li>ETF and Vault Flows Show Steady Demand: Sustained inflows into the SPDR Gold Trust and consistent London vault holdings point to underlying investor interest, even without aggressive price action.</li>
<li>Positioning Data Reveals Divergence: Commercial hedgers are easing short exposure while speculative players show mixed sentiment, hinting at a market caught between caution and latent bullishness.</li>
</ul>


Market Structure Signals Stability: Gold futures have remained range-bound near technical resistance, with intraday volatility compressing—suggesting a market more likely to drift than break.
ETF and Vault Flows Show Steady Demand: Sustained inflows into the SPDR Gold Trust and consistent London vault holdings point to underlying investor interest, even without aggressive price action.
Positioning Data Reveals Divergence: Commercial hedgers are easing short exposure while speculative players show mixed sentiment, hinting at a market caught between caution and latent bullishness.


Gold Moves to the Beat of a Different Drum: Vaults, Flows, and Futures

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans</li>
<li>Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans
Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.


Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

United States

SPDR Gold Shares is an investment fund incorporated in the USA.  The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SPDR Gold Shares (GLD US)

Ready for the Contrarian Gold Trade?

We have been bull bulls, but point and figure charts show that gold is very near its measured price objective. Tactically, the contrarian trade...

Cam Hui

Q4 Outlook for Our Investment Themes

A review of the performance of how our major investment themes have performed in 2025 and our outlook for Q4 and beyond.

Rikki Malik

Harnessing Calm Waters: A Volatility Strategy for Gold's Quiet Ascent

Updates on this Fed: US GDP in 2H adjusted to 3.8% from 3.3% reflecting stronger consumer confidence and reflecting that imports are lower; imports...

Jay Cameron

Gold Moves to the Beat of a Different Drum: Vaults, Flows, and Futures

Gold market stability signals potential for profits selling volatility under drifting prices as demand remains steady despite mixed sentiment...

Jay Cameron

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ready for the Contrarian Gold Trade?

We have been bull bulls, but point and figure charts show that gold is very near its measured price objective. Tactically, the contrarian trade...

Cam Hui

Q4 Outlook for Our Investment Themes

​A review of the performance of how our major investment themes have performed in 2025 and our outlook for Q4 and beyond.

Rikki Malik

Harnessing Calm Waters: A Volatility Strategy for Gold's Quiet Ascent

Updates on this Fed: US GDP in 2H adjusted to 3.8% from 3.3% reflecting stronger consumer confidence and reflecting that imports are lower; imports...

Jay Cameron

Gold Moves to the Beat of a Different Drum: Vaults, Flows, and Futures

​Gold market stability signals potential for profits selling volatility under drifting prices as demand remains steady despite mixed sentiment...

Jay Cameron

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

A review of the performance of how our major investment themes have performed in 2025 and our outlook for Q4 and beyond.

Gold market stability signals potential for profits selling volatility under drifting prices as demand remains steady despite mixed sentiment...