Inflation Is Not Transitory

Published by Laurent Maurel | Feb 24, 2023 | 8303

Gold is still very high relative to rates, probably because of the US fiscal risk and new inflationary expectations. This strength is also explained by the worsening geopolitical context and the stalemate in the Ukraine. Any threat of new sanctions now acts as a support for the price of gold.

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Metal Inventories Continue to Fall

Published by Laurent Maurel | Feb 2, 2023 | 11897

Regardless of the extent of the economic slowdown, and the extent of future demand, metal supply is being revised downwards in most markets. Forecasts for 2023 suggest that inventory levels will not follow the usual intrinsic demand cycle. Indeed, we are already seeing real "runs" in some markets as...

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US Recession Postponed, Debt Wall Looming

Published by Laurent Maurel | Jan 27, 2023 | 9098

Despite the positive effect of inflation on these payroll tax receipts, the amount the government has to pay to pay down its debts and for its public spending programs is far too high for these inflationary revenue increases to affect the overall figure: the United States is in a budgetary bind.

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