James Steel

Paul Krugman, a renowned economist and NY Times columnist, joins forces with James Steel, HSBC's Chief Commodities Analyst, and John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co. They explore the current tariff landscape, focusing on uncertainties impacting both trade and the economy. The guests discuss how rising import prices pose risks to productivity and investment. With insights on commodity trends, including gold's fluctuating value, they analyze strategies investors can leverage amid the chaos of international trade challenges.

James Steel, HSBC precious metals veteran, explains the sharp correction in gold and silver. Madison Faller, J.P. Morgan investment strategist, highlights earnings strength and sector opportunities. Joe Davis, Vanguard chief economist, discusses Fed tone, inflation and labor dynamics. Henrietta Treyz, Veda Partners policy director, breaks down the DC funding fight and midterm implications.

Jay Timmons, President and CEO of the National Association of Manufacturers, discusses the critical state of U.S. manufacturing, highlighting workforce shortages and the need for training amidst 400,000 unfilled jobs. He also delves into the impact of tariffs and regulatory policies. Meanwhile, James Steel, Chief Commodities Analyst at HSBC, analyzes the ongoing safe-haven rally in gold and silver, the constraints on gold production, and the dynamics of demand from institutions versus retail investors. The conversation uncovers fascinating insights on market trends and geopolitical influences.

James Steel, HSBC chief precious metals analyst with decades covering gold, offers sharp market perspective. He discusses recent sharp sell-offs and crowded positioning. He puts today's swings in historical context and outlines HSBC's year-end outlook and scenarios. He explains why supply dynamics limit responses and how geopolitical risk shapes demand.

In this discussion, Stephanie Roth, Chief Economist at Wolfe Research, dives into how tariffs are reshaping the U.S. economy and the Federal Reserve's policy responses. James Steel, Chief Commodities Analyst at HSBC, highlights the surge in volatility within commodities markets linked to tariffs. Krishna Memani, CIO at Lafayette College, reflects on the impact of high market valuations amidst tariff uncertainties. The trio paints a vivid picture of the interconnectedness of tariffs, inflation, and market dynamics.