In oil, from a fundamental perspective we are in an oversupply this year. We expect prices to move below $60 a barrel for Brent.

One main implication of Fed rate changes is the lower rates go, the cheaper it is to hold assets like gold.

We are likely to have another two cuts this year, only later in the year. This will continue to support ETF buying of gold.

Part of the very fast run-up in gold prices is coming from positioning.

From our standpoint, we like to look at how events can impact actual supply.