Structural deficits underpin gold's long-term uptrend , but central bank tightening and a stronger dollar stand in its way near term. Our newest gold report unpacks why gold could dip further before rallying toward $6,000, together with the key triggers to watch along the way.

Volatility in the currency markets is low. This increases the appeal of carry trades and their influence on the markets. We do not expect volatility in the currency markets to remain low for long. Higher energy prices and interest rates are having a different impact on the U.S. and European economies, and we expect political risks to increase, particularly in the Eurozone. In this report, we examine which currencies will benefit from this and which will not.

Modern technology and cheap imports from emerging markets are causing a split in the West: a small group that profits from rising asset prices, and a majority whose purchasing power is falling behind. That anger is now translating into a strong rise of populist parties, leaving governments ineffectual. In this report we show how this divide emerged and what the consequences are for the key interest rates and currencies.