The risk of correction in gold and silver has been steadily rising in recent days, though exceptionally strong pre-Diwali demand helped support prices. However, a very technical extended rally combined with renewed “risk-on” tone across stock markets, a firmer dollar and not least the start of
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The three-week U.S. government shutdown has left commodity traders without one of their most valuable tools — the weekly Commitment of Traders (COT) report from the Commodity Futures Trading Commission (CFTC). For a market that thrives on transparency, the absence of positioning data has created an unusual vacuum. The last report, dated September 23, offered […]
Gold and silver ended last week on a softer note after notching fresh record highs earlier in the week. The setback came as risk appetite improved across broader markets, particularly in the United States where a brief flare-up in regional banking stress faded as quickly as it appeared. Gold reached a new milestone at USD […]
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Gold’s breakout above USD 4,000 and silver’s return to levels unseen since 1980 have once again placed monetary debasement at the heart of the commodity narrative. The word, once confined to history books, has re-emerged in market vocabulary as faith in fiat currencies erodes under the weight of chronic deficits, politicised monetary policy, and falling […]
Today, Saxo, the leading online trading and investment company, has released its quarterly outlook for Q4 2025, focused on the rapidly evolving global economic and market landscape. The outlook is divided into two key perspectives: an investor outlook and a trader outlook, each highlighting significant themes and potential risks for the upcoming quarter.
“Gold trades sharply lower after reaching another record high overnight. The nervously anticipated correction appears underway, triggered by end-of-month profit-taking and the onset of China’s Golden Week holiday, which typically removes a major source of physical demand from the market. The metal has rallied nearly 15% since Jackson Hole, supported by lower
Forex The latest reporting week captured the market’s response to the resumption of US rate cuts, a well-anticipated move that left the dollar index up around 0.6% as of last Tuesday. All eight IMM futures tracked in this update traded lower, led by weakness in NZD, AUD and GBP. However, speculators used the pullback to […]
Copper rallied strongly on Wednesday with LME futures breaking above key resistance, with recent developments once again highlighting a combination of robust demand, underpinned by structural shifts in energy and technology, set against supply disruptions from some of the world’s largest mines. This has underpinned copper prices and supported a surge in mining equities,
A sudden spark in nuclear Nuclear stocks have rarely looked this lively. Oklo has surged more than 1,000% over the past year, including a 63% gain last week. NuScale climbed 26%, while Nano Nuclear jumped nearly 40%. Uranium producers joined the frenzy, with Cameco and Uranium Energy rising more than 10% each. The triggers were […]
The Federal Reserve’s policy decision today carries significant weight for the precious metals markets, with both gold and silver having rallied strongly over the past six weeks as softer labor market data, and Fed Chair Powell’s pivot at Jackson Hole revived expectations for a resumption of the rate cutting cycle. After being paused in December […]
Commodities The Bloomberg Commodity Index (BCOM) extended its rally, rising 2.5% in the latest reporting week. Gains in energy and precious metals supported fresh buying and short covering, while agriculture broadly struggled—corn being the notable exception. Managed money accounts responded by adding length across all energy and metal contracts, while fresh short selling
Gold has surged to a fresh record high at USD 3,547 per ounce, extending an already strong year that has seen the yellow metal gain 34% year to date. Silver has provided further support to the sector, trading above USD 40 for the first time in 14 years, leaving it up 41% year to date. […]
Silver has climbed above USD 40 an ounce to its highest level in 14 years, extending a rally that has already delivered a 37.5% year-to-date gain. Gold is up 31% over the same period, but silver’s outperformance reflects its dual role as both an investment and industrial metal. The latest advance is not the start […]
Saxo Bank announces H1 2025 results with steady growth in net profits and a record number of clients
The Saxo Bank Group achieved a net profit of EUR 73 million in the first half of the year, representing an 18% increase compared to the same period in 2024. The group is now servicing a record 1.4 million clients globally, with client assets amounting to EUR 118 billion, the highest in company history. In […]
Investment metals: Governance risk meets hard asset demand President Trump’s attempted—and legally contested—removal of Fed Governor Lisa Cook is less about an individual and more about the institution. Whatever the legal outcome, the signal is clear: political pressure on the central bank is rising, and it may over time introduce an “independence premium” into U.S. […]
The commodity market is heading for its first gain in three, with the Bloomberg Commodity Index (BCOM) on track for a modest weekly gain of less than 1%. This advance has been carried by strong performances across the agriculture sector, and a rebound across the energy sector excluding natural gas, all of which have helped […]
Crude oil remains trapped in relatively tight ranges, with WTI finding support around USD 62 and Brent near USD 65. The market continues to weigh a mix of bullish and bearish drivers that, which together with thin summer liquidity, are keeping prices boxed in while traders search or wait for the next decisive catalyst. On […]
Gold and silver have been trading in tight, range-bound zones with muted volatility despite positive year-to-date gains (+26% for gold, +30% for silver). Support remains solid from steady ETF inflows, central bank purchases, and persistent investment demand, including gold-backed ETFs at multi-year highs and ongoing but modest bullion flows. However, major
Macro overview August has so far been shaped by a tug-of-war between supportive supply-side stories in parts of the commodity market and macro headwinds from weakening economic data in the US and around the world. The latest US inflation data, in the form of a hotter-than-expected July PPI, forced markets to recalibrate their Fed expectations. […]














