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Global Macro

An In-Depth Look at The German Dax Index

Author: Bruce Liegel The German Dax made new all-time highs last week, and as Chart 1 shows it has been on a tear over the last few weeks as the market is now aggressively pricing in a dovish interest-rate policy change by global central banks. The so-called “pivot” is now

Risk-on Sentiment Prevails, Oil Slump Continues, and Gold Soars

Author: Bruce Liegel Equities Fed Chairman Powell delivered an early Christmas present to the market on Friday when he pretty much laid out the end of this tightening cycle. "Risk-on" was the day’s theme, with the Russell 2000 closing up over 3% on the day. The S&

What Is the Outlook of Gold?

Where are we in the gold price cycle, and what is the future path of gold? Below is our conversation with Bruce Liegel for his analysis on what lies ahead for gold.  Hedder: What’s the main driver for gold ? Bruce: Gold has been in a bull market since 2000.

A Look at Forex

Author: Bruce Liegel For most of my 30+ years in trading I have heard that the demise of the US dollar is coming and with it the end of its reserve-currency status. It doesn’t matter the time frame, there is always someone who makes what appears to be a

A Look at Long Term Charts

Author: Bruce Liegel This week’s focus is going to be on long-term setups that are now developing in a number of markets. Typically, I glance at long-term charts weekly, but a few times a year I take a hard look if set-ups are occurring. This is the case in

Are We on the Verge of a Commodity "Supercycle"?

In this Q&A, we sat down with Bruce Liegel for a deep dive on what lies ahead for commodities and whether there is a looming "supercycle". Hedder: There are talks of a looming supercycle. Can you explain what the term means and weigh in with your

Oil: What a Fracking World

Author: Bruce Liegel Executive summary: * Oil prices rallied on the back of the OPEC agreement * The refill of SPR will act as a bullish factor * The drop in horizontal rig count, oil well productivity, and drilled uncompleted wells also contribute to the bull case * Soaring labor and drilling costs in
Oil: What a Fracking World

The Resurgence of Japan

Author: Bruce Liegel Introduction The Nikkei and Topix stock indices have been on a tear in 2023, with both indices up nearly 25% on the year in yen terms. This rally has been somewhat fueled by a weaker yen, down 12% on the year, but there is a bigger story
The Resurgence of Japan

The Institutionalization of Gold

Author: Bruce Liegel Executive summary: * How gold, in a bull market since 2000, has become 'institutionalized' * A look at gold ETFs, and the role of central banks, inflation and interest rates * And a wider market outlook for gold as well as silver, palladium and platinum Introduction Our previous
The Institutionalization of Gold

Commodities as an Investment Option

Author: Bruce Liegel Over the last year, there has been a lot of speculation that we are in the early stages of another commodity super cycle. The goal of this paper will be to break down the macro commodity opportunities and take a deep look at the economics driving the