Saxo Market Call Market partying like it's late 2021, but one asset class is on tilt.
8 snips
Oct 2, 2025 
In this insightful discussion, Ole Hansen, Head of Commodity Strategy at Saxo, dives into the current state of the oil market and the intriguing dynamics behind gold and silver's rallies. He analyzes the impact of geopolitical tensions, OPEC's strategies, and seasonal demand on crude prices. Hansen also examines ETF flows and physical availability as key factors driving precious metals' strength, highlighting risks tied to shorts and leverage. His expert insights illuminate an asset class that is unexpectedly showing signs of trouble amid broader market euphoria.
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Weak Jobs Data Fueled Speculative Rally
- Ugly US jobs data and ADP revisions pushed yields lower and powered a speculative rally in equities.
- Markets priced a higher chance of Fed cuts, fueling a run into high-growth and speculative names.
Oil Stuck Amid Supply Questions
- Oil is stuck despite geopolitical risks because OPEC increases may be going to reserves or not being produced.
- Saudi capacity advantage lets it push output to regain market share while prices stay rangebound.
Physical Demand Is Powering Gold Rally
- Gold's rally is driven by ETF buying in the West and large physical demand from China that tends to remove metal from the market.
- If Chinese buying stays strong, shortages could tighten further and underpin higher prices.