Gregory Shearer

In this enlightening discussion, Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, shares his insights on commodity market dynamics. He explores the implications of the Fed's rate cuts and the diverse outcomes they might produce. Shearer highlights the risks of recession and inflation, drawing connections between these factors and commodity performance. The duo also looks at historical trends, emphasizing how a robust growth environment could significantly boost returns in commodities like gold and energy.

Meera Chandan, Co-Head of FX Strategy at J.P. Morgan, dives into the transactional side of the dollar, while Saad Siddiqui analyzes dollarization trends in emerging markets. Jay Barry discusses the decreasing foreign ownership of U.S. Treasuries, revealing shifts in global investment patterns. Meanwhile, Greg Shearer highlights the structural changes in commodity transactions as de-dollarization unfolds, particularly in energy markets. These insights paint a compelling picture of the evolving role of the dollar in today's global economy.

Natasha Kaneva, Head of Global Commodities Strategy, and Gregory Shearer, Head of Base and Precious Metals Strategy, discuss the bullish outlook for gold and silver in 2024, fueled by rate cuts and decreasing US 10-year real yields. They also explore the potential upside for silver prices and the relationship between precious metals and other commodity markets, emphasizing commodities as a preferred option for hedging inflation.