At Any Rate Global Commodities: A week of commodity whiplash
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Jan 31, 2026 Otar Dgebuadze, J.P. Morgan natural gas analyst covering European and global gas flows and weather impacts. Greg Shearer, J.P. Morgan metals strategist focused on gold, silver and copper market drivers. They unpack extreme cold tightening European gas, LNG flow disruptions and storage hits. They also tour metals volatility, ETF flows, record spikes and the forces behind a rapid gold run and copper swings.
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Gold's Rally Is Structural Not Linear
- Gold's recent surge and sharp pullback reflect trend exhaustion and heavy ETF-driven flows.
- Greg Shearer expects structural bullishness to continue with central banks diversifying toward gold.
Prepare For Volatility While Holding Gold
- Expect non-linear moves and prepare for sharp corrections amid a structural uptrend.
- Positioning should allow for volatility while maintaining exposure to a medium-term target around $6,000/oz.
Copper Moves Fueled By Investment Not Industry
- Copper's spikes were driven more by investment flows than by Chinese industrial demand.
- Fundamentals remain weak downstream in China, leaving the rally vulnerable to quick reversals.