The Commodity Exchange

In the first half of this Episode of The Commodity Exchange, Nitesh and Mobeen are joined by Nick Stadmiller, head of product at Medley Advisors. Together they discuss key macroeconomic topics related to commodity markets. The conversation covers central bank activity, the polarization of central banks, expectations from the Fed, risks of surprises, the ECB's timing and actions, China's economic prospects, deglobalization and emerging markets, and the economic implications of the US election. In the second half of this episode, Nitesh and Mobeen reflect on the topics covered with Nick and discuss how they impact commodity markets, with a focus on gold and other precious metals. You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT Nick: https://twitter.com/NickStadtmiller For EU Investors Only: Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

In this episode of The Commodity Exchange, Nitesh is joined by Steven Knell, Head of Power and Renewables, Wood Mackenzie and Aneeka Gupta, Director, Macroeconomic Research, WisdomTree. Their conversation explores the ongoing energy transition and its implications. They discuss the challenges and opportunities in the transition from fossil fuels to low-carbon energies, the role of strategic metals and rare earth minerals in the energy transition, along with the long-term growth drivers for these resources as well as the opportunities for miners geared towards the transition. (00:00) Introduction (05:13) Reflection on 2023 and the Energy Transition (08:34) The Role of Strategic Metals and Rare Earth Minerals (13:27) Long-Term Growth Drivers for Strategic Metals (26:25) The Importance of China in the Energy Transition (32:10) Opportunities for the Energy Transition Value Chain (37:19) Opportunities for Miners Geared Towards the Energy Transition (45:39) Earnings Season for Q4 2023 and Miners Geared Towards the Energy Transition You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Aneeka: https://twitter.com/AneekaGuptaWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only: Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

In this episode of the Commodity Exchange podcast, Nitesh Shah interviews Philip Newman, Managing Director and Founder at Metals Focus, about the factors influencing gold and silver prices. They discuss the record highs in gold prices in December 2023, driven by geopolitical issues and rate cut expectations. They also explore the trends in central bank gold demand, the retail market, and the behaviour of institutional investors. Additionally, they examine the gold to silver ratio and the silver market deficit, particularly in relation to the rising demand for photovoltaics. (00:00) Introduction and disclaimer (03:11) Gold hitting record highs in December 2023 (05:19) Geopolitical issues and gold price pressure (09:40) Rate cut expectations and gold prices (15:32) Central bank gold demand in 2023 (22:31) Trends in the retail market (27:10) Institutional investor behaviour (29:27) Impact of US elections on gold prices (33:24) Gold to silver ratio and silver performance (35:32) Silver market deficit (40:24) Rising demand for photovoltaics and silver (41:42) Conclusion You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only: Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

In this episode of The Commodity Exchange, Nitesh and Mobeen get together to discuss the outlook for 2024 after an eventful 2023 for commodity markets. (00:00) Intro and disclaimer (01:46) Are commodities a late cycle performer? (04:32) Will 2024 also be a good year for defensive commodities? (09:47) China's economic outlook for next year (16:38) Evolving production challenges the world faces for raw metals (25:25) Can investors hedge themselves against unforeseeable risks when investing in commodities? (29:51) Outro (30:41) Disclaimer You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only: Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

In this episode of The Commodity Exchange, Nitesh and Mobeen are joined by Max Layton, Global Head of Commodities Strategy at Citi. Together they discuss the challenges the metals sector has faced so far in 2023 and they explore when and how we might see the fortunes of this commodity sector becoming brighter again. (00:00) Intro and Disclaimer (01:44) The precious metals sector (12:17) Base metal space and London Metal Exchange Week (15:27) Copper (23:22) Nickel (27:30) ESG and decarbonisation (32:40) Lithium and the energy transition (38:28) Closing question (39:28) Outro and disclaimer You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

In this episode, Nitesh is joined by Warren Pies, Co-Founder & Strategist, 3Fourteen Research. Together they discuss what a late economic cycle entails and what it means for asset allocation. (00:00) Intro and Disclaimer (01:13) Meet Warren (02:22) What is a late economic cycle? What is the evidence for one at this point in time? (14:39) Are we are in restrictive Fed policy territory yet? (19:19) Have there ever been any soft landings when we're in an inverted curve? (22:02) Are late cycles good for commodities? (23:23) Oil rally - are we close to the end? (34:59) How can investors hedge against the uncertainty of soft landing? (38:13) Gold - another portfolio diversifier (39:12) What would take to trigger an overweight on commodities? And are we close to moving any of those triggers? (42:00) Outro (43:57) Disclaimer You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT Warren: https://twitter.com/WarrenPies For EU Investors Only Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

Aneeka Gupta, Director, Macroeconomic Research at WisdomTree, joins Mobeen to discuss agricultural commodities. They explore why people invest in this asset class, the impact of El Nino and La Nina on agriculture, the low correlations of agricultural commodities, and the intersection of agricultural commodities with the world of energy.

In this episode of The Commodity Exchange, Nitesh and Mobeen are joined by Ole Hanse, Head of Commodity Strategy at Saxo Bank. Together they debate whether we are at a turning point in commodities after central bank hawkishness created headwinds for the asset class this year. (00:00) Intro (00:55) Disclaimer (01:31) Meet Ole (04:05) What big trends are we currently seeing? (07:43) Are we reaching peak bearishness? (11:00) US inflation - Can the Fed afford to take a break? (14:09) Gold - Where do we see it going for the rest of the year? (23:14) China (27:49) What's going on in the world of agricultural commodities? (31:12) Oil - what could allow it to break out of its current range? (36:40) Closing discussion (38:47) Outro and Disclaimer You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

This week, Nitesh and Mobeen are joined by Francisco Blanch, Managing Director, Head of Global Economics and Derivatives research at Bank of America Securities. Together they discuss what common threads weave together the fate of energy and industrial metals and what forces might drive them apart in the future. (00:00) Intro and Disclaimer (01:51) Market recap (04:40) Current positioning in oil futures (07:40) Russian sanctions (10:40) US oil rigs (13:57) The IEA's June oil market report - China's recovery (16:19) Thinking long term about oil prices (19:15) Carbon markets and their role in energy transition (22:30) Energy transition and its impact on industrial metals (26:25) Where are the big tail risks in the commodity markets? (29:17) Outro (30:41) Disclaimer You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities

This week, Nitesh is joined by James Steel, Chief Precious Metals Analyst at HSBC. Together they discuss all things gold and precious metals. (00:00) Introduction and disclaimer (02:00) Market recap (04:35) Who are gold investors? (08:53) The relationship between Gold and real rates (12:40) The US Debt Deal - How will it affect gold? (18:45) Background on James Steel and analysing the markets over the years (29:44) Let's talk about other precious metals (41:53) Outro/Disclaimer You can follow our panellists on Twitter at: Nitesh: https://twitter.com/NiteshShahWT Mobeen: https://twitter.com/MobeenTahirWT For EU Investors Only Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/broad-commodities