Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Gold has signalled a false breakout and is likely to tread water for a couple of months.</li>
<li>More strength ahead for the Japanese Yen and weakness for the Japanese markets?</li>
<li>Copper signals further lows to come unless it rallies soon</li>
</ul>


Gold has signalled a false breakout and is likely to tread water for a couple of months.
More strength ahead for the Japanese Yen and weakness for the Japanese markets?
Copper signals further lows to come unless it rallies soon


False Breakouts and Breakdowns - The Nikkei, Gold, Copper and the JPY

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Technical Analysis

<ul>
<li>Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.</li>
<li>Point and figure charts indicate a measured objective of 2576 over a probable 6–18-month time horizon and a measured objective of 3372 over a probable 3–5-year time frame.</li>
<li>Gold mining stocks are cheap relative to gold and could offer even more upside potential on an intermediate- and long-term basis.</li>
</ul>


Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.
Point and figure charts indicate a measured objective of 2576 over a probable 6–18-month time horizon and a measured objective of 3372 over a probable 3–5-year time frame.
Gold mining stocks are cheap relative to gold and could offer even more upside potential on an intermediate- and long-term basis.


Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


<ul>
<li>
 US debt ceiling agreement warns again about upcoming monetary inflation. Gold (and crypto) is a great hedge against monetary inflation, but less good against cost inflation</li>
<li>US debt problem demands near double-digit annual growth in Fed balance sheet over next decade… QE is not dead! 
</li>
<li>
 Gold could easily test US$3000/ oz. Bitcoin could do even better! Buy into any near-term weakness</li>
</ul>



 US debt ceiling agreement warns again about upcoming monetary inflation. Gold (and crypto) is a great hedge against monetary inflation, but less good against cost inflation
US debt problem demands near double-digit annual growth in Fed balance sheet over next decade… QE is not dead! 


 Gold could easily test US$3000/ oz. Bitcoin could do even better! Buy into any near-term weakness


US Debt Ceiling Raise Tells Us Gold Is Going Up… It Must Be Part Of Every Portfolio

Equity Bottom-Up

<ul>
<li>Company Forecasts extremely conservative at current and expected metal prices</li>
<li>Scarcity Value for a liquid, large-cap gold miner in Japan</li>
<li>Balance Sheet will allow future share buybacks and dividend in the harvesting phase</li>
</ul>


Company Forecasts extremely conservative at current and expected metal prices
Scarcity Value for a liquid, large-cap gold miner in Japan
Balance Sheet will allow future share buybacks and dividend in the harvesting phase


Sumitomo Metal Mining -  A Shiny Mix of Gold, Copper and Nickel

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


April Themes and Thematic Portfolio Review

United States

SPDR Gold Shares is an investment fund incorporated in the USA.  The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SPDR Gold Shares (GLD US)

False Breakouts and Breakdowns - The Nikkei, Gold, Copper and the JPY

Gold's false breakout may lead to a period of stagnation, while the Japanese Yen strengthens and copper faces potential new lows.

Rikki Malik

The Stealth Breakout You May Have Missed

Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.

Cam Hui

US Debt Ceiling Raise Tells Us Gold Is Going Up… It Must Be Part Of Every Portfolio

Agreement to raise US debt ceiling is relief to investors, but it is a major signpost of future trouble and rapid acceleration in US debt. US Fed...

Michael J. Howell

Sumitomo Metal Mining - A Shiny Mix of Gold, Copper and Nickel

This miner has extremely conservative forecasts, some scarcity value, and a strong balance sheet for potential future buybacks and dividends.

Rikki Malik

April Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

False Breakouts and Breakdowns - The Nikkei, Gold, Copper and the JPY

​Gold's false breakout may lead to a period of stagnation, while the Japanese Yen strengthens and copper faces potential new lows.

Rikki Malik

The Stealth Breakout You May Have Missed

Gold prices have staged a convincing long-term upside breakout against a backdrop of skepticism, which is contrarian bullish.

Cam Hui

US Debt Ceiling Raise Tells Us Gold Is Going Up… It Must Be Part Of Every Portfolio

Agreement to raise US debt ceiling is relief to investors, but it is a major signpost of future trouble and rapid acceleration in US debt. US Fed...

Michael J. Howell

Sumitomo Metal Mining - A Shiny Mix of Gold, Copper and Nickel

This miner has extremely conservative forecasts, some scarcity value, and a strong balance sheet for potential future buybacks and dividends.

Rikki Malik

April Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Gold's false breakout may lead to a period of stagnation, while the Japanese Yen strengthens and copper faces potential new lows.