Saxo Market Call Market says glass is half full as we near crunch time on multiple fronts
12 snips
Oct 20, 2025 
Ole Hansen, Head of Commodity Strategy at Saxo, discusses the recent equity market recovery driven by hopes of US-China trade detente. He delves into the wild volatility in precious metals, noting how market sentiment affects gold and silver prices. Hansen also shares insights on the implications of upcoming US economic data, geopolitical developments, and the influence of Diwali on silver demand. He touches on copper's current inventory challenges and the long-term outlook for crude oil prices amid global supply dynamics.
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Markets Recovered But Remain Nervous
- The market staged a sharp Friday recovery driven by hopes of US-China detente and easing regional bank/private credit fears.
- Traders remain nervous and ready to reprice if new credit troubles emerge, keeping volatility elevated.
Precious Metals Show Structural Strength
- Friday's wild precious-metals moves showed traders watching for trouble and CTAs reacting to price action, not fundamentals.
- Despite the intraday drop, gold stayed above key levels, suggesting underlying strength rather than a trend reversal.
US-China Detente Could Temper Metals Rally
- A US-China trade thaw could reduce inflationary pressure and temper precious-metals buying.
- But high debt levels and currency debasement concerns mean the structural drivers for metals remain intact.