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COT report: Nearly half of managed money’s commodity exposure now in gold – Saxo Bank

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
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Trouble at the Fed supports gold and silver – Saxo Bank

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. […]
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Commodities Report: Gold and silver: still boxed in, waiting for the next catalyst- Insights from Saxo Bank

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
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COT Report: Speculators slash commodity longs to 11-month low, gold remains dominant – Saxo Bank

Commodities In the week to August 5, several major developments drove positioning changes across key commodities. Trump’s abrupt reversal on copper tariffs triggered a 22% slump in New York prices, prompting funds to halve their HG copper net long. In energy, OPEC+’s continued production increases—potentially into a softening demand period—pressured crude oil, while fading
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NY copper surges on 50% Trump tariff threat – Saxo Bank

High-grade copper futures in New York surged on Tuesday, reaching a fresh record high of USD 5.8955/lb, after President Trump, during a cabinet meeting, stated he was considering a 50% tariff on copper imports—well above the 25% anticipated by the market. The remark reignited tensions around the ongoing Section 232 investigation into copper, which for […]