Assets

• GoldGold's bullish case is dominating published research right now, with views lining up across short, medium, and long-term horizons.
• SilverSilver: research views split cleanly by time horizon, and the splits are more about windows than direction.
• CopperCopper looks structurally tight, and recent published research argues the market is underpricing how much tariff policy could squeeze it.
• OilPublished research is overwhelmingly bullish on crude — Brent, WTI, and refined products — as the Strait of Hormuz closure and US-Iran hostilities choke off supply.
• Natural gasNatural gas looks bullish on both sides of the Atlantic, according to research published this week.
• BitcoinBitcoin research is splitting along time horizons: tactically cautious on the next few weeks, structurally constructive on the next few years.
• European equitiesEuropean equities are caught in a real tug-of-war, and the split says as much about time horizons as it does about fundamentals.
• US bondsPublished research is sharply split on US Treasuries — and the divide is mostly about time horizon.
• EU bondsEuropean bond yields look set to drift higher into 2026–27, according to most recently-published research — but a notable contrarian view sees German Bunds as a medium-term buy.
• EUR/USDPublished research is lining up behind a stronger euro — though the paths there differ.

Macro

• Macro themesToday's macro picture is dominated by two stories: the Strait of Hormuz crisis and a US jobs report that reshuffled Fed expectations.