Assets

• Cross-assetEnergy supply risk is the thread connecting almost every asset class today, according to this week's published research.
• GoldPublished research on gold is running overwhelmingly bullish right now, with the only dissent being short-term profit-taking caution — not a fundamental bearish call.
• SilverPublished research this week is uniformly bullish on silver, with technical, fundamental, and macro frameworks all pointing to further upside.
• CopperPublished research is uniformly bullish on copper, with both a structural multi-year supply deficit thesis and near-term price forecast upgrades pointing higher.
• OilPublished oil research is leaning firmly bullish, with the Strait of Hormuz doing most of the work.
• Natural gasNatural gas is telling two very different stories depending on which side of the Atlantic you're on.
• BitcoinBitcoin's near-term path may hinge on Washington, according to research circulating this week.
• US equitiesPublished research this week leans bullish on US equities — but a vocal minority is warning of a serious AI-bubble correction.
• US bondsPublished research this week points overwhelmingly in one direction on US Treasuries: yields are more likely to rise than fall across the curve, from 2-year to 30-year.
• EU bondsEuropean bond research this week converges on one clear call: French debt looks vulnerable versus German Bunds, with the France-Germany 10-year spread likely to widen further into autumn.
• EUR/USDPublished research this week leans bullish on the euro against the dollar, with one forecast now targeting a climb from 1.12 in Q3 2026 to 1.16 by Q2 2027.

Macro

• Macro themesMiddle East supply shocks, the July US CPI print, and the AI capex boom are dominating the macro conversation this week.