10 May 2026

Assets

• GoldGold: structural bulls dominate, but late-week voices flag a possible cyclical pause.
• SilverSilver: published research leaned firmly bullish this week, with most analysts framing recent weakness as a buyable correction inside a longer uptrend.
• CopperCopper's bull case hardened across the week, with researchers pointing to a rare alignment of structural demand, constrained supply, and policy-driven stockpiling.
• OilOil dominated macro research this week, with Brent above $100 and the Strait of Hormuz closure framed as the defining supply shock.
• Natural gasNatural gas pushed higher on both sides of the Atlantic this week as Middle East supply risk collided with already-tight fundamentals.
• BitcoinBitcoin spent most of the week looking like a breakout story before late-week cracks emerged.
• US equitiesUS equities pushed to fresh highs this week, but the published research split sharply on whether the rally can broaden — or whether it's setting up for a correction.
• European equitiesEuropean equities had a strong week, but late-week research turned more divided on whether the rally has legs.
• US bondsUS bond research split sharply this week, with the published consensus tilting toward higher yields as oil, sticky inflation, and a more hawkish Fed tone dominated the conversation.
• EU bondsEuropean bond markets had a volatile week, with the dominant theme being a hawkish repricing of the ECB driven by energy-shock inflation from the Middle East conflict.
• EUR/USDEUR/USD swung from early-week weakness to a firmer tone as oil and geopolitics took turns driving the tape.