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

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Government bond markets continue to exert pressure on other assets</li>
<li>The Japanese Yen has likely confirmed a trend change - expect more volatility</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Government bond markets continue to exert pressure on other assets
The Japanese Yen has likely confirmed a trend change - expect more volatility


<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes</li>
<li>Long Japanese Yen starts to work. Now follow through is needed</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes
Long Japanese Yen starts to work. Now follow through is needed


Overview #76 – The Circus Comes to Town

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

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

VanEck Gold Miners ETF/USA / Equity Derivatives

<ul>
<li>The scheduled <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> index rebalance at today’s US close may be the immediate catalyst for potential terminal selling or a "flush-out" event.</li>
<li>We have analyzed recovery targets from the current 80.85 anchor, noting the P50 (85.6) as the primary mean-reversion objective.</li>
<li>The current price (80.85) is an extreme outlier, trading significantly below the MAX limit that was set by our model at 93.26. <strong>Gold is VERY oversold.</strong>
</li>
</ul>


The scheduled VanEck Gold Miners ETF/USA (GDX US) index rebalance at today’s US close may be the immediate catalyst for potential terminal selling or a "flush-out" event.
We have analyzed recovery targets from the current 80.85 anchor, noting the P50 (85.6) as the primary mean-reversion objective.
The current price (80.85) is an extreme outlier, trading significantly below the MAX limit that was set by our model at 93.26. Gold is VERY oversold.



Gold Miners ETF (GDX US) Tactical Outlook At March Rebalance

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What recent intervention in the US government bond market means for our themes</li>
<li>While a short-term bounce is likely, the USD's bear market has resumed</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What recent intervention in the US government bond market means for our themes
While a short-term bounce is likely, the USD's bear market has resumed


Overview #74 – QE Or Not QE – That Is The Question

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>The gold mining sector is positioned for significant upside driven by central bank diversification and macroeconomic risks, including continued U.S. debt growth.</li>
<li>Gold's price breaching $4,500/oz against low historical mining costs is enabling greater free cash flow generation for major gold miners.</li>
<li>Sector-Wide momentum, also evidenced by the outperforming surge in silver and platinum, suggests a new pricing paradigm and leveraged profit potential in mining company equities.</li>
</ul>


The gold mining sector is positioned for significant upside driven by central bank diversification and macroeconomic risks, including continued U.S. debt growth.
Gold's price breaching $4,500/oz against low historical mining costs is enabling greater free cash flow generation for major gold miners.
Sector-Wide momentum, also evidenced by the outperforming surge in silver and platinum, suggests a new pricing paradigm and leveraged profit potential in mining company equities.


Gold’s Unprecedented Margin Cycle: The GDX ETF FEB26 Strategy

United States

VanEck Gold Miners ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the NYSE Arca Gold Miners Index. The ETF invests in materials stocks of all cap sizes across the globe. Its largest allocation is in North American companies, principally those domiciled in Canada. The ETF weights the holdings using a market capitalization methodology.

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VanEck Gold Miners ETF/USA (GDX US)

Overview #77 – Burning Down the House

A review of recent events/data impacting our investment themes and outlook. More of the same - higher oil, higher yields, and the JPY finally...

Rikki Malik

Overview #76 – The Circus Comes to Town

A review of recent events/data impacting our investment themes and outlook. We look at the change in rate-hike expectations and what it means for...

Rikki Malik

Gold Miners ETF (GDX US) Tactical Outlook At March Rebalance

VanEck Gold Miners ETF index rebalance on March 20th could trigger terminal selling as Gold is very oversold according to our models, the mean...

Nico Rosti

Overview #74 – QE Or Not QE – That Is The Question

A review of recent events/data impacting our investment themes and outlook. We look at the recent intervention in the US Government bond market &...

Rikki Malik

Gold’s Unprecedented Margin Cycle: The GDX ETF FEB26 Strategy

Gold mining sector poised for growth due to central bank diversification and macro risks, with rising gold prices boosting free cash flow for...

Jay Cameron

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #77 – Burning Down the House

A review of recent events/data impacting our investment themes and outlook. More of the same - higher oil, higher yields, and the JPY finally...

Rikki Malik

Overview #76 – The Circus Comes to Town

A review of recent events/data impacting our investment themes and outlook. We look at the change in rate-hike expectations and what it means for...

Rikki Malik

Gold Miners ETF (GDX US) Tactical Outlook At March Rebalance

​VanEck Gold Miners ETF index rebalance on March 20th could trigger terminal selling as Gold is very oversold according to our models, the mean...

Nico Rosti

Overview #74 – QE Or Not QE – That Is The Question

A review of recent events/data impacting our investment themes and outlook. We look at the recent intervention in the US Government bond market &...

Rikki Malik

Gold’s Unprecedented Margin Cycle: The GDX ETF FEB26 Strategy

​Gold mining sector poised for growth due to central bank diversification and macro risks, with rising gold prices boosting free cash flow for...

Jay Cameron

VanEck Gold Miners ETF index rebalance on March 20th could trigger terminal selling as Gold is very oversold according to our models, the mean...

Gold mining sector poised for growth due to central bank diversification and macro risks, with rising gold prices boosting free cash flow for...