Beyond Markets

As we move into Q4 2024, gold prices continue their remarkable climb, while oil faces a more uncertain future amid heightened geopolitical tensions. What’s fueling these divergent trends in two of the world’s most important commodities, and where could they be headed next?
Join Chris Irwin, Head of FX and Precious Metals Trading Asia, and Norbert Ruecker, Head of Economics & Next Generation Research at Julius Baer, as they offer expert analysis and insights on the key factors shaping the markets for gold and oil.

00:19 Introduction
00:41 Our gold and oil forecast
01:55 Are geopolitics flare ups driving up gold prices?
2:52 Asia and Western demand
3:46 The impact of central bank gold holdings
5:04 Why has gold continued to rise despite China’s pause in gold purchases
6:02 Speculative gold positioning
7:18 Significant redemptions in Western ETFs
8:15 Where can gold go in a rate easing cycle?
9:25 Recession risks
10:20 Geopolitical noise impacting oil
11:00 Escalating conflict – where can oil go?
12:42 China’s stimulus – is there upside for oil?
14:01 The supply and demand picture

What is Beyond Markets?

“Beyond Markets” by Julius Baer is a series featuring conversations with experts to share recent market developments, key insights, and strategic inputs from around the globe. In each episode, we cut through the noise to offer practical advice and macro research on today’s shifting economic and market landscape.
The information contained in this podcast is marketing material. Opinions expressed do not constitute independent financial/investment research, investment advice, or an offer to buy or sell securities by Julius Baer. Please refer to www.juliusbaer.com/legal/podcasts for important legal information prior to listening to this podcast.