RECALL $ 2.3 BILLION ECONOMIC AID FROM CANADIAN TAX PAYERS !
Ukrainian President Volodymyr Zelensky has appointed former federal minister Chrystia Freeland as an adviser on economic development.
Freeland has long expressed her support for Ukraine amid its war with Russia.
She has said the country could become an economic juggernaut by taking up the opportunities it missed after the collapse of the Soviet Union.
In a post on social media Monday, Zelensky said Ukraine needs to strengthen what he called its “internal resilience.”
“Chrystia is highly skilled in these matters and has extensive experience in attracting investment and implementing economic transformations,” he said.
“Right now, Ukraine needs to strengthen its internal resilience – both for the sake of Ukraine’s recovery if diplomacy delivers results as swiftly as possible, and to reinforce our defence if, because of delays by our partners, it takes longer to bring this war to an end.”
Freeland, who has Ukrainian ancestry, was a cabinet minister and deputy prime minister in Justin Trudeau’s government.
She was named by Prime Minister Mark Carney as Canada’s special representative for the reconstruction of Ukraine.
She stepped away from cabinet in September, but still represents the federal riding of University–Rosedale in Toronto.
Her appointment comes as Carney travels to Paris to meet with other allies of Ukraine in a bid to end Russia’s nearly four-year war on the country.
Canada has contributed more than $23.5-billion to Ukraine in military, economic and humanitarian support since Russia launched its full-scale invasion of Ukraine in 2022.
Conservative MPs, including Ontario’s Roman Baber and B.C.’s Todd Doherty, said Freeland’s acceptance of this position puts her in a conflict of interest.
“To be clear, (Freeland) is still a sitting member of Parliament. Not only did she lack the decency to resign her seat, this is a blatant conflict of interest. Liberals get away with everything!” Baber wrote in a post on the social media platform X.
The Canadian Press has reached out to Canada’s conflict of interest commissioner for comment.
While Canada’s Conflict of Interest Act cites several things MPs are not allowed to do – such as engaging in outside professions or employment – it does not include specific language about advising a foreign head of government.
This latest appointment comes after Freeland was named the incoming CEO of the Rhodes Trust, an Oxford, England-based educational charity.
The charity is famous for the prestigious Rhodes Scholarship that offers students from around the world a chance to study at the University of Oxford.
This job will see Freeland relocate to Oxford, with a start date of July 1.
Freeland has not formally announced any plans to resign as a member of Parliament, but has said she will not run in the next election.
She has been seen only seldom in the House of Commons since leaving cabinet but has continued to take part in votes remotely.
Freeland’s social media shows she spent much of the fall and early winter travelling between Toronto, Ukraine and other European nations as part of her duties as Canada’s representative on the reconstruction of Ukraine.
The United States and its oil industry will take control of Venezuela’s diminished energy sector after U.S. forces attacked the South American OPEC member and captured its leader and his wife, President Donald Trump said.
Given the industry’s state of disrepair, it could take several years for Venezuelan oil production to recover to meaningful volumes. U.S. oil majors have so far been silent on any plans to rebuild Venezuela’s oil industry.
Nonetheless, the toppling of socialist leader Nicolás Maduro threatens to transform the hemisphere’s crude oil markets – possibly weakening prices – on the prospect of Venezuela’s heavy oil production returning to feed American refineries. That would put it in competition with the Canadian output that dominates U.S. imports.
Mr. Trump said on Saturday that Venezuela, which has the world’s largest oil reserves, “stole” U.S. assets almost two decades ago after American oil companies developed fields in the country, and postattack they will now return to revive the industry.
“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars to fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” he said at a news conference. “We’re going to be taking a tremendous amount of wealth out of the ground.”
Mr. Trump suggested he intends to intensify competition in oil markets as production in Venezuela increases. “We’ll be selling large amounts of oil to other countries,” he said.
The initial reaction when markets open on Monday could be similar to last June, when the U.S. bombed nuclear sites in Iran after days of increasing tensions, said Rory Johnston, oil market analyst at Toronto-based Commodity Context. Prices at the time jumped initially but fell back when it became clear that no oil installations were targeted, even in retaliation.
“I don’t think it’s the exact same because prices haven’t been driven up to fall back down, but there has been a buildup,” he said. “But nabbing Maduro in the night is essentially the corollary of bombing all the nuclear sites – the biggest, flashiest thing they could do.”
The U.S. assault on the founding member of the Organization of the Petroleum Exporting Countries coincides with an era of low oil prices, and forecasts for more of the same. The prospect of a resumption of Venezuelan supplies in global markets after years of U.S. sanctions could add to the weakness, said Phil Flynn, energy market analyst at the Price Futures Group in Chicago.
Members of OPEC+, which includes Russia and Kazakhstan, said on Sunday they were committed to stability in oil markets, without mentioning the developments in Venezuela. They said in a statement they were sticking with a November decision to pause increases in output for the first three months of 2026.
In 2025, crude suffered its worst annual loss since 2020, falling 20 per cent against a backdrop of surplus supplies and uncertain global economic conditions. U.S. benchmark oil closed down 10 US cents on Friday at US$57.32 a barrel.
“Obviously the potential of the U.S. getting back into Venezuela should increase oil production expectations quite dramatically, and it should put more pressure on Russia because of the competitive nature of the oil,” Mr. Flynn said.
Both Canada and Venezuelahave massive reserves of heavy oil, and many refineries in the U.S. Midwest and Texas are designed for the extra processing such supplies require to manufacture gasoline, diesel, jet fuel and chemicals.
“There’s definitely going to be more competition for heavy oil, and Canada and Russia are going to see that over time,” Mr. Flynn said. “I think, though, it’ll be a net positive for the [U.S.] economy.”
Venezuela currently produces about one million barrels a day, a third of its output at the beginning of the century.
In 2013, the U.S. imported about one million barrels of Venezuelan crude a day. That slowed to a trickle – and months of zero shipments – after the U.S. imposed sanctions in 2019. In that time, China became Venezuela’s top customer.
By contrast, Canada shipped 2.7 million barrels a day to the United States – largely to refineries in the Midwest – in 2013, increasing to a peak of nearly 4.4 million in mid-2024. Last year, exports to the U.S. fell back to below four million a day as more oil was shipped to Asia via the newly expanded Trans Mountain pipeline to the Pacific coast.
The startup of that expansion, which nearly tripled capacity to 890,000 barrels a day, has contributed to a sharp decrease in the price discount Canadian oil had suffered previously.
Should sanctions be loosened, the major point of competition for Canadian versus Venezuelan heavy crude would be in the U.S. Gulf Coast region, which is already well supplied by Canada, said Mr. Johnston of Commodity Context.
The result could be that demand for Canadian crude would fall in that region, with some shipments rerouted to the uncommitted capacity on the Trans Mountain pipeline or re-exported to other countries from the U.S. Gulf Coast.
For the former, it would mean higher pipeline tolls, and for the latter, added transport costs. “In both those cases, the net result is low realized netbacks for Canadian producers,” Mr. Johnston said.
Because of the extensive pipeline network between Alberta and the Midwest, Canada should retain its dominance in that market, he said.
Chevron Corp. CVX-N +5.01%increase is the only U.S. oil company remaining in Venezuela after then-president Hugo Chávez ordered all foreign companies to convert their assets to majority ownership by state-owned Petróleos de Venezuela SA in 2006 and 2007. Other oil majors, including Exxon Mobil Corp. XOM-N +2.04%increase and ConocoPhillips Co. COP-N +2.83%increase, refused to accept the terms, and their assets were seized.
On Saturday, Chevron did not divulge its plans for the country with a change in leadership. “Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all relevant laws and regulations,” spokesman Kevin Slagle said in a statement.
January Nymex natural gas (NGF26) on Monday closed up +0.321 (+7.35%),
January nat-gas on Monday rallied sharply to a 3-week high on the outlook for colder US temperatures, which are expected to boost heating demand for nat-gas. Forecaster Atmospheric G2 said that colder-than-normal temperatures are expected across the Northeast for January 3-7.
Nat-gas prices remained sharply higher after weekly storage figures from the EIA showed nat-gas inventories fell -166 bcf for the week ended December 19, a larger decline than the five-year average of -110 bcf for the week.
Higher US nat-gas production is bearish for prices. The EIA on December 9 raised its forecast for 2025 US nat-gas production to 107.74 bcf/day from its November estimate of 107.70 bcf/day. US nat-gas production is currently near a record high, with active US nat-gas rigs recently posting a 2-year high.
US (lower-48) dry gas production on Monday was 113.7 bcf/day (+6.9% y/y), according to BNEF. Lower-48 state gas demand on Monday was 103.8 bcf/day (+34.1% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Monday were 19.8 bcf/day (+5.3% w/w), according to BNEF.
As a supportive factor for gas prices, the Edison Electric Institute reported on December 10 that US (lower-48) electricity output in the week ended December 6 rose +2.3% y/y to 85,330 GWh (gigawatt hours), and US electricity output in the 52-week period ending December 6 rose +2.84% y/y to 4,291,665 GWh.
Monday’s weekly EIA report, delayed from last Thursday, was slightly supportive for nat-gas prices, as nat-gas inventories for the week ended December 19 fell by -166 bcf, a smaller draw than the market consensus of -169 bcf but larger than the 5-year weekly average draw of -110 bcf. As of December 19, nat-gas inventories were down -3.3% y/y and were -0.7% below their 5-year seasonal average, signaling tight nat-gas supplies. As of December 27, gas storage in Europe was 64% full, compared to the 5-year seasonal average of 75% full for this time of year.
Baker Hughes reported last Tuesday that the number of active US nat-gas drilling rigs in the week ending December 26 remained unchanged at 127, just below the 2.25-year high of 130 set on November 28. In the past year, the number of gas rigs has risen from the 4.5-year low of 94 rigs reported in September 2024.
One of the best trades of the year just staged a massive reversal.
Silver futures fell 8.7% on Monday, after topping $80 an ounce for the first time ever in overnight trading. The precious metal settled at $70.46 an ounce. It was the worst day for silver futures since February 2021.
The move is even more dramatic on an intraday basis. Peak to trough, silver plunged 15%, the biggest high-to-low change going back to August 2020 when it dropped 16.85%.
“This is a historic move,” said Jeff Kilburg, CEO and chief investment officer of KKM Financial. “We haven’t seen a move like this in a long time.”
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of U.S. Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7% to $77.12 per ounce, after hitting an all-time high of $77.11, marking a 167% year-to-date surge driven by supply deficits, its designation as a U.S. critical mineral, and strong investment inflows.
Spot gold was up 1.1% at $4,529.8. per ounce, after hitting a record $4,533.14 earlier. U.S. gold futures for February delivery added 1.3% to $4,559.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that U.S. President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The U.S. dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the U.S. carried out airstrikes against Islamic State militants in northwest Nigeria, Trump said on Thursday.
″$77/oz and then $80 in silver is within reach by year-end. For gold, the next objective is $4,686.81, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 8.7% to $2,411.46 per ounce, having earlier hit a record high of $2,448.25, while palladium climbed nearly 10% to $1,850.76.
U.S. stocks closed higher on Wednesday, with each of the major indexes recording their fifth straight session of gains as the Dow Industrials and S&P 500 registered closing record highs in a broad rally during a holiday-shortened session. The TSX, which like American markets closed early at 1 pm ET, ended the session with slight losses.
Indexes have been climbing in recent days, buoyed in part by a rebound in AI-related names after last week’s selloff that was triggered by concerns about inflated valuations and high capital expenditures denting profits. Each of the major indexes recorded their fifth straight session of gains.
But recent data showed the economy remains resilient, and the market is still pricing in roughly 50 basis points of rate cuts from the Federal Reserve next year, although expectations for a January cut are low, according to CME’s FedWatch Tool. Data on Wednesday showed new applications for U.S. jobless benefits unexpectedly fell last week.
“Yields are behaving, volume is light, but the same issues remain in place – AI is strong, there is talk of some positives here, new OpenAI and Meta models, that will get the chatter up,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
“The Fed is unlikely to lower rates again, at least for a while. Who knows what happens when May comes and we get a new head of the Fed? But we have a very low probability of a January cut.”
The Dow Jones Industrial Average rose 288.75 points, or 0.60%, to 48,731.16, the S&P 500 gained 22.26 points, or 0.32%, to 6,932.05 and the Nasdaq Composite gained 51.46 points, or 0.22%, to 23,613.31.
Trading volumes were thin. The U.S. and Canadian markets will remain shut on Thursday for Christmas. The TSX will also be shut on Friday for Boxing Day.
Volume on U.S. exchanges was 7.61 billion shares, compared with the 16.21 billion average for the full session over the last 20 trading days.
The S&P/TSX composite index ended down 58.97 points, or 0.2%, at 31,999.76. On Tuesday, the index posted a record closing high as the prospect of additional Federal Reserve interest rate cuts in 2026 helped boost commodity prices.
Since the start of this year, the index has advanced 29.4%, led by financial and metal mining shares, putting it on track for its biggest gain since 2009.
“Equity valuation in Canada is above its longer term average but nowhere near bubble territory,” strategists at CIBC Capital Markets, including Christopher Harvey, said in a note this week.
“Importantly, tight IG (investment grade) credit spreads are a positive sign for EPS (earnings per share) growth. When combined with capex tailwinds from data center buildout and government infrastructure priorities we see double-digit EPS growth supporting an above average market multiple.”
Canadian Prime Minister Mark Carney has committed to spending billions of dollars on measures to raise productivity and is aiming to speed up natural-resource project construction.
Domestic economic data was downbeat. According to a preliminary estimate, factory sales fell 1.1% in November from October on decreases in the transportation equipment and food subsectors.
The materials group, which includes metal mining shares, fell 0.9% as the price of gold edged back from an all-time high.
Energy was also a drag, losing 0.3%, as the price of oil dipped 0.1% to $58.35 a barrel.
Four of the ten major sectors ended higher, including technology. It added 0.2%.
On Wall Street, Micron Technology shares climbed 3.8% to end the session at a closing record of $286.68, continuing their rally after the company issued a strong forecast last week.
Bank stocks also supported gains, and financials were among the best-performing of the 11 S&P 500 sectors, with a 0.5% gain. The energy index was the only sector in negative territory on the day.
Recent gains in U.S. stocks have spurred hopes of a “Santa Claus rally,” a seasonal phenomenon where the S&P 500 posts gains in the last five trading days of the year and the first two in January, according to Stock Trader’s Almanac.
That period began on Wednesday and runs through January 5.
U.S. equities have swung sharply this year as tariff-related headlines, concerns about high valuations in technology and AI companies, and rapidly shifting interest-rate expectations boosted volatility.
Wall Street’s “fear gauge” was holding at levels not seen since December 2024. Still, the bull market, which began in October 2022, stayed intact as optimism around AI, rate cuts and a resilient economy supported sentiment, with all three main indexes set for their third straight yearly gain. In the year ahead, global markets will be closely watching potential successors to Fed Chair Jerome Powell, after President Donald Trump said on Tuesday that anyone who disagrees with him would “never be the Fed chairman.”
Nike jumped 4.6% after Apple CEO Tim Cook, the sportswear giant’s lead independent director, bought about $3 million of shares. Intel shed 0.5% following a report that Nvidia has halted tests to manufacture chips using Intel’s 18A production process.
Dynavax Technologies surged 38.2% after French drugmaker Sanofi said it would buy the U.S. vaccines company for around $2.2 billion (1.9 billion euros). U.S.-listed shares of Sanofi edged up 0.1%.
Advancing issues outnumbered decliners by a 2.37-to-1 ratio on the NYSE and by a 1.63-to-1 ratio on the Nasdaq.
The S&P 500 posted 22 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 56 new highs and 160 new lows.
Bank of Japan’s summary of opinions from Dec. 18-19 meeting are released
(8:30 a.m. ET) U.S. goods trade deficit for October.
(8:30 a.m. ET) U.S. wholesale and retail inventories for October.
(10 a.m. ET) U.S. pending home sales for November.
Tuesday December 30
China current account surplus
(9 a.m. ET) U.S. S&P Cotality Case-Shiller Home Prices (20 city) for October. Estimate is a rise of 0.1 per cent from September and up 1.1 per cent year-over-year.
(9 a.m. ET) U.S. FHFA House Price Index for October. Estimates are increases of 0.1 per cent from October and 1.4 per cent year-over-year.
(2 p.m. ET) U.S. Fed minutes from Dec. 9-10 meeting are released.
Wednesday December 31
China PMI
(8:30 a.m. ET) U.S. initial jobless claims for week of Dec. 27.
Thursday January 1
Markets closed in North America, Europe, China and Japan
Friday January 2
China and Japan markets closed
Euro zone manufacturing PMI and private sector credit
(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for December.
(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for December.
(10 a.m. ET) U.S. construction spending for November.
The dollar index (DXY00) today posted a new 2.75-month low but then recovered and is little changed. The dollar continues to trade on a weak note despite Tuesday’s stronger-than-expected US GDP report of +4.3% and the reduced odds for Fed easing. The markets on Tuesday reduced the odds for a -25 bp rate cut at the next FOMC meeting to 13% from 20%.
In a report released today, US weekly initial unemployment claims fell by -10,000 to 214,000 in the week ended Dec 20, showing a stronger labor market than expectations of 224,000. Continuing claims rose by +38,000 to 1.923 million from the previous week’s revised 1.885 million (preliminary 1.897 million), which showed a weaker labor market than expectations of 1.900 million.
China’s central bank today issued a cautious statement after its quarterly monetary policy meeting. The PBOC indicated that it is focused on long-term stability and suggested that it will not engage in sudden interest rate cuts to address problems such as property market weakness, weak domestic demand, and the trade war with the US.
The dollar continues to see underlying weakness as the FOMC is expected to cut interest rates by about -50 bp in 2026, while the BOJ is expected to raise rates by another +25 bp in 2026, and the ECB is expected to leave rates unchanged in 2026.
The dollar is also under pressure as the Fed boosts liquidity in the financial system, having begun purchasing $40 billion a month in T-bills in mid-December. The dollar is also being undercut by concerns that President Trump intends to appoint a dovish Fed Chair, which would be bearish for the dollar. Mr. Trump recently said that he will announce his selection for the new Fed Chair in early 2026. Bloomberg reported that National Economic Council Director Kevin Hassett is the most likely choice as the next Fed Chair, seen by markets as the most dovish candidate.
EUR/USD (^EURUSD) is down -0.14%. The euro has seen support this week from ECB member comments, indicating satisfaction with the current outlook for no interest rate cuts.
ECB Governing Council member Yannis Stournaras said Tuesday that the ECB is in a “good place” but needs to remain flexible to move policy in either direction. He said, “If we happen to be in a better or weaker position than expected, we will take appropriate action.”
ECB Governing Council member Gediminas Simkus on Monday indicated satisfaction with the current level of interest rates, saying, “We have inflation – headline and core – both now and in the near future, and mid-term, close to the 2% level. The interest rate is seen by many as at a neutral level. Economic growth has improved though remains sluggish.”
Meanwhile, ECB Governing Council member Peter Kazimir said on Monday that the ECB is comfortable with current rates but stands ready to act if conditions change. He said the current period of on-target inflation and steady economic expansion is “rather fragile” and that risks remain from tariffs and the Russia-Ukraine war.
Swaps are pricing in a 3% chance of a +25 bp rate hike by the ECB at the next policy meeting on February 5.
USD/JPY (^USDJPY) is down -0.28%. The yen has rallied this week after Finance Minister Satsuki Katayama said Japan has a “free hand” to intervene against currency moves that are out of line with fundamentals, a reference to the yen’s weakness last Friday after the BOJ’s rate hike.
The yen has underlying support from last Friday’s +25 bp rate hike by the Bank of Japan. The yen also has support from interest rate differentials, with the 10-year JGB yield posting a 26-year high of 2.073% on Monday.
The markets are discounting a 0% chance of a BOJ rate hike at the next meeting on January 23.
February COMEX gold (GCG26) today is down -12.5 (-0.28%), and March COMEX silver (SIH26) is down -0.082 (-0.12%).
Gold and silver today both posted new all-time highs on the nearest-futures charts but then fell back on some long liquidation pressure after this month’s sharp rallies. Precious metals prices were undercut by Tuesday’s +4.3% increase in US Q3 real GDP, which caused the markets to reduce the odds for a Fed rate cut at the next meeting to 13% from 20%.
Bullish underlying factors for precious metals include the FOMC’s recent announcement of a $40 billion per month liquidity injection into the US financial system. Precious metals prices are also being boosted by geopolitical risks, as the US is looking to seize two more Venezuelan-linked oil tankers. Also, Ukraine late last week hit an oil tanker from Russia’s shadow fleet in the Mediterranean Sea for the first time.
Precious metals have safe-haven support tied to uncertainty over US tariffs and geopolitical risks in Ukraine, the Middle East, and Venezuela. In addition, precious metals are supported by concerns that the Fed will pursue an easier monetary policy in 2026 as President Trump intends to appoint a dovish Fed Chair.
Strong central bank demand for gold is supportive of prices, following the recent news that bullion held in China’s PBOC reserves rose by +30,000 ounces to 74.1 million troy ounces in November, the thirteenth consecutive month the PBOC has boosted its gold reserves. Also, the World Gold Council recently reported that global central banks purchased 220 MT of gold in Q3, up +28% from Q2.
Fund demand for precious metals remains strong, with long holdings in silver ETFs rising to a 3.5-year high on Tuesday. Holdings in gold ETFs have recovered in the past two months and are just mildly below the 3.25-year high posted in October.
Gold broke above $4,500 an ounce for the first time on Wednesday while silver and platinum also marked new record highs, as safe-haven demand and expectations of further U.S. rate cuts next year fuelled speculative interest in precious metals.
Spot gold was up 0.2% at $4,494.49 per ounce, after marking a record high of $4,525.19 earlier in the session. U.S. gold futures for February delivery climbed 0.4% to $4,523.10.
Silver hit an all-time high of $72.70 and was last up 1.3% at $72.32 an ounce, while platinum peaked at $2,377.50 before paring gains to stand 1.6% higher at $2,312.70.
Palladium was down 1.5% at $1,830.37 an ounce, retreating after touching its highest in three years.
“The lack of any bearish factors and strong momentum, all backed by solid fundamentals, which include continued central bank buying, a falling U.S. dollar and some level of haven demand,” is supporting gold, said Fawad Razaqzada, market analyst at City Index and FOREX.com.
“Other base metals like copper have been climbing, which is providing support for the whole commodities complex in terms of metals.” Gold has risen more than 70% this year, its biggest annual gain since 1979, as investors flock to safe-haven assets amid geopolitical tensions and with expectations that the U.S. Federal Reserve will continue to ease monetary policy. U.S. President Donald Trump said on Tuesday he wants the next Fed chairman to lower interest rates if markets are doing well.
Non-yielding assets such as gold tend to do well in a low-interest-rate environment, with traders currently pricing in two rate cuts next year.
Silver has surged more than 150% year-to-date, outpacing gold on strong investment demand, its inclusion on the U.S. critical minerals list and rising industrial use.
“The risk of a major drop in the gold price would seem largely linked to a slowing of outright gold buying, such as by emerging market central banks,” analysts at Societe Generale said in a note. “Barring such an event, investor positions suggest that the extraordinary surge in gold prices is likely to continue, supporting our Commodities strategists’ forecast ($5,000/oz by end-2026).”
Platinum and palladium, primarily used in automotive catalytic converters to reduce emissions, are up about 160% and more than 100%, respectively, year-to-date, on tight mine supply, tariff uncertainty, and a rotation from gold investment demand.
