Ole Hansen, Head of Commodity Strategy at Saxo Bank, brings commodity and precious metals expertise. They discuss oil flirting with expensive territory unless geopolitics escalate. They explore why gold and silver could benefit from calmer price action. They unpack the market importance of US payroll revisions and the rumblings in the JPY and carry trades.
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insights INSIGHT
Diverging Market Internals
Market internals are diverging with mega-cap concentration and broader indices moving differently. John Hardy highlights that equal-weight indices can rally even while headline indexes show narrow strength.
insights INSIGHT
Gold Recovers While Silver Remains Volatile
Gold's recovery is driven by less collapse versus silver and by softer US data pushing rate-cut expectations. Ole Hansen says underlying bullish drivers like debt and political uncertainty remain intact despite recent volatility.
volunteer_activism ADVICE
Avoid Carrying Big Positions Over Lunar New Year
Avoid carrying large precious-metals positions into the long Lunar New Year trading pause. Ole Hansen notes exchanges close in China for several days and reduced liquidity increases risk.
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Today, we discuss another session marked by notable divergences within the US stock universe, oil markets heading into territory that is starting to look expensive unless geopolitical tensions spill over into actual confrontation, the idea that the best things for gold and silver bulls might be for the price action to just calm down for a while, and the macro backdrop heating up with key US data ahead - especially today's US payrolls revisions, which are far more important than the latest data print. Meanwhile, the JPY is rumbling - can it roar? Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.
Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).
Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.
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