A couple of snippets from JP Morgan forecasts. The backdrop to the precious metals views at JPM is the approaching likely end of the Federal Open Market Committee (FOMC) rate hike cycle, and analysts at the bank continue to be structurally bullish on both gold and silver prices.

On oil, JPM analysts forecast Brent to US$86 / barrel by the end of Q3, but as inventories are expected to gradually build back in Q4 2023 and into 2024 prices should ease back.

JPM conclude:

  • "in order of preference, we favor natural gas, ags, oil and gold, and maintain neutral stance on base metals"
gold update chart 21 July 2023