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Market Comment - Gold & Miners

This is a follow up to our recently published marketcomment. We add some further content with regard to the current macro environment, which you will find in Part I.

Part II takes a deeper dive into the current dynamics of the metals markets, comments on the correlations between gold and the US dollar and gives further consideration on the situation in global futures markets. Are the aggressive shorts in the goldmarket the missing link for a price recovery?

Part III - Metals prices are under pressure: how do the miners fare in this environment? How does it impact margins, cash flows and their balance sheets? We look at valuations as well.

In addition to the marketcomment you will find a chart pack as a separate document. Pictures often tell more than many words and they will hopefully add additional colour to our comments and to underlying market dynamics.

We hope you will find these comments and charts useful in navigating through the current environment. (View as PDF: Market Comment | Chartbook)