Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Our June call played out: the US$4,250–4,320 triangle floor broke and gold slid to US$3,993 yesterday, -28% from the January ATH, including June's largest monthly drop since late 2008.</li>
<li>Positioning reflects capitulation: North America recorded its weakest ETF H1 since 2013 while Asia achieved its strongest ever. Meanwhile, COMEX net longs rose 16% m/m as institutions bought retail selling.</li>
<li>Maintain BULISH with TP of US$4,780. Accumulate US$3,700–4,000 in tranches. <strong>Catalysts this week:</strong> Chair Warsh's first Congressional testimony (14 Jul) and June CPI.</li>
</ul>


Our June call played out: the US$4,250–4,320 triangle floor broke and gold slid to US$3,993 yesterday, -28% from the January ATH, including June's largest monthly drop since late 2008.
Positioning reflects capitulation: North America recorded its weakest ETF H1 since 2013 while Asia achieved its strongest ever. Meanwhile, COMEX net longs rose 16% m/m as institutions bought retail selling.
Maintain BULISH with TP of US$4,780. Accumulate US$3,700–4,000 in tranches. Catalysts this week: Chair Warsh's first Congressional testimony (14 Jul) and June CPI.


GOLD: The West Sells, the East and Central Banks Buy — Capitulation at a 28% Discount