Global Commodities: Gold & Silver—Citius, Altius, Fortius

On the cusp of a Fed cutting cycle with US labor markets softening and the US election news cycle turning increasingly volatile in the run up to November, we maintain our multi-year bullish outlook on gold and silver. Even if the coming Fed cutting cycle comes with twists and turns given potential post-election US policy changes, we still think gold sits in a prime position. While physical demand in China has cooled for now, structurally bullish drivers including US fiscal deficit concerns, central bank reserve diversification amid de-dollarization, inflation hedging, and simmering geopolitical risk all look set to remain supportive factors for gold and silver.   Speakers: Gregory Shearer, Head of Base and Precious Metal Research   This podcast was recorded on 26 July 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4740899-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.