China Gold Reserves keep growing
China lifts Gold reserves by extending buying to 3rd month. China has joined other nations in building up reserves of bullion. Source: HolgerZ, Bloomberg
The US government has almost completely ceased the drawing of its Strategic Petroleum Reserves
The US government has almost completely ceased the drawing of its Strategic Petroleum Reserves. We just saw the smallest change in SPR for over a year. Not surprising that oil prices firmed up recently as supply remains incredibly tight. Source: Bloomberg, Tavi Costa
The future value of disruptive materials
A number of materials play a critical role in the expansion of next generation technologies—potentially leading to a surge in demand and increased market values. Source: Visual Capitalsit, Global X
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
