Comments by Dominic Schnider, head of commodities and APAC FX at the firm's wealth management unit
Scnider says that industrial commodities from metals to energy are going to be negatively affected in a 'deep trade war', while saying that such an event "is good for gold".
He argues that "we might not get our acceleration in global growth to 4.1% that we expect this year, so a deceleration will be bad". Adding that "what really drives commodity returns on the industrial side is growth momentum".
Scnider was speaking to Bloomberg TV on the matter earlier. He's basically suggesting commodities are set to move lower in the event of a 'deep trade war' - whatever that means but gold should be the standout beneficiary in the space.
So far, not off to the best of calls. Gold is trading almost unchanged on the day, a little lower at $1,333.48 down by 0.09% on the day. But one for the longer term when we do actually get into the thick of things I guess.
