According to the World Gold Council, central bank purchases of gold have reached a level not seen since 1967
The world’s central banks bought 673 metric tons in one month, and in the third quarter, the figure reached 400 metric tons. This is interesting because the flow from central banks since 2020 had been eminently net sales. Source: www.zerohedge.com, Bloomberg
OPEC+ continues to miss oil production quotas, despite a recent cut.
Total production for OPEC+ countries (excluding the OPEC exempt) was 38.3, falling short of the 40.1 quota by 1.8 MM bbl/d. Misses vs. quota are getting smaller vs. what they were prior to the cut. Source: Bison interests
Where does the world's crude oil come from?
Source: Investwise
Commodities are up double digits in the last 3 months
Over the last 3 months, Gold broke out, then silver, copper, and others are already up double digits in the last 3 months. Will Energy & agricultural commodities be the next ones to move? Steep moves in commodity prices often lead to a ripple effect in the market. Source: Crescat Capital, Bloomberg
Metals have been on fire since China pivoted on Covid policy.
Source: Bloomberg | David Ingles
Central banks are buying record amounts of Gold
Source: The Economist
WTI tumbled to lowest since December 2021
Oil prices plunge as China protests hit risk sentiment. China unrest comes after sharp pullback in oil mkt as risk of China slowdown looms & EU floated price cap on Russian crude that looks set to have minimal impa
Commodities outperformed during the stagflationary 70's
Are we at the start of a new commodities outperformance cycle? Source: Gigi Penna, Bloomberg
