Assets
- GoldGold spent the week caught between a clear tactical downtrend and an intact long-term bull case.
- SilverSilver split the week between tactical caution and structural conviction — with bullish voices dominating by the weekend.
- CopperCopper closed the week as the standout in metals, with most published research framing it as structurally underpriced versus future supply.
- OilOil research this week was overwhelmingly pointed in one direction: the Strait of Hormuz disruption is the largest physical energy shock on record, and the buffers absorbing it are nearly spent.
- Natural gasNatural gas split sharply this week between a bullish global LNG story and a softer US picture.
- US equitiesUS equities split the week between euphoria and exhaustion, with the bull case still intact but cracks widening in tech.
- US bondsUS Treasury yields backed up sharply this week as strong labor data forced a rethink of the Fed's path.
- EU bondsEU bond research this week converged on one message: the ECB is set to hike, and that's pushing eurozone yields higher across the curve.