Crude oil has bounced over recent weeks as tensions escalated in the Middle East, but it’s been a tepid reaction, in our opinion. We are in no hurry to buy oil stocks, with another 10-15% downside looking likely for the commodity.
- We can see Brent Crude rotating between $US65 and $US85 through 2024, a relatively quiet year after a period of elevated volatility.
MM remains neutral toward crude oil
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Precious metals have enjoyed the tailwind offered by falling bond yields and a relatively weak Greenback; new all-time highs are only 4% away. We remain bullish in the medium term, but it’s likely to be a choppy journey, and subscribers shouldn’t be surprised to see us trim our large overweight exposure into strength over the coming weeks/months.
- We are bullish towards gold into 2024, initially looking for fresh highs, but it’s likely to dance to the bond/$US music until further notice.
MM remains bullish towards gold medium-term
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