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>Volatility continues in both the upside and downside, but no top is signalled yet.</li>
<li>The odds are high for a tradeable bounce in Precious Metals</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Volatility continues in both the upside and downside, but no top is signalled yet.
The odds are high for a tradeable bounce in Precious Metals


Thematic (Sector/Industry)

<ul>
<li>We first review at  Q1 performance in the major markets we follow</li>
<li>Then our outlook for Q2 with the Iran War outcome the major wild card</li>
<li>Some short-term vs  long term  implications of the ongoing Iran war </li>
</ul>


We first review at  Q1 performance in the major markets we follow
Then our outlook for Q2 with the Iran War outcome the major wild card
Some short-term vs  long term  implications of the ongoing Iran war 


Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

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>Silver is experiencing its fifth sequential year of supply deficit, exacerbated by rising demand from the AI data centers &amp; the solar industry.</li>
<li>New restrictions in China limiting exports licences to only 44 state-approved firms have sent silver's implied volatility to record highs unseen since 2021.</li>
<li>Sharp plunge in silver skews over last 48 hours indicates traders are aggressively paying for downside price protection against potential pullback.</li>
</ul>


Silver is experiencing its fifth sequential year of supply deficit, exacerbated by rising demand from the AI data centers &amp; the solar industry.
New restrictions in China limiting exports licences to only 44 state-approved firms have sent silver's implied volatility to record highs unseen since 2021.
Sharp plunge in silver skews over last 48 hours indicates traders are aggressively paying for downside price protection against potential pullback.


Silver Wins Gold Even as Volatility Spikes &  Skews Plunge Raising Price Outlook Fears

<ul>
<li>Rules based world order is being upended at an unprecedented pace. Decades of global rules of interaction are being rewritten.</li>
<li>In times like these, investors obviously flock to haven assets seeking protection. Gold &amp; Silver prices are a true reflection of investors seeking safety against multi-dimensional risks.</li>
<li>Passive, mechanical, &amp; price-insensitive index re-balancing will likely create near term price pull-back but 2026 looks clearly bullish for precious metals. How much higher is another story?</li>
</ul>


Rules based world order is being upended at an unprecedented pace. Decades of global rules of interaction are being rewritten.
In times like these, investors obviously flock to haven assets seeking protection. Gold &amp; Silver prices are a true reflection of investors seeking safety against multi-dimensional risks.
Passive, mechanical, &amp; price-insensitive index re-balancing will likely create near term price pull-back but 2026 looks clearly bullish for precious metals. How much higher is another story?


Intensifying Geopolitics Collides With Annual Passive Gold & Silver Rebalancing Flows

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Cross Asset Strategy

<ul><li>During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.</li><li>Gross-of-fees gains from the long book were 35.9% and short book gains were 0.73%.</li><li>The Real Assets strategy has now been running for 27 quarters, and this was our best quarter to date, bringing our since-inception annualized net-of-fees returns to 14.6%.</li></ul>

During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.Gross-of-fees gains from the long book were 35.9% and short book gains were 0.73%.The Real Assets strategy has now been running for 27 quarters, and this was our best quarter to date, bringing our since-inception annualized net-of-fees returns to 14.6%.

United States

VanEck Vectors Junior Gold Miners ETF is an exchange traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Junior Gold Miners Index. The Fund will normally invest at least 80% of its total assets in securities that comprise the Fund's benchmark index.

VanEck Vectors Junior Gold Miners ETF (GDXJ US)

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VanEck Vectors Junior Gold Miners ETF (GDXJ US)

Overview #64 – One Small Step for Man

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Rikki Malik

Silver Wins Gold Even as Volatility Spikes & Skews Plunge Raising Price Outlook Fears

Silver's 20% YTD surge faces a reality check as China's export shock spikes volatility. With skews plunging, market is bracing for a sharp...

Mint Finance

Intensifying Geopolitics Collides With Annual Passive Gold & Silver Rebalancing Flows

In some weeks, decades happen. This last week was one. Geopolitics remains front-and-centre. Index rebalancing headwinds are temporary. Expect...

Mint Finance

Third Quarter 2025 Letter to Investors

During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.

Massif Capital Research

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