Gold in the stress test

How the precious metal behaves relative to the S&P 500 across different market phases

Energy shocks fade. Their echo does not.

When prices jump, households adjust fast. Their expectations do not.

Frank Kelly’s Special Update | March 16, 2026

By: Francis (Frank) J. Kelly

The Justice Department’s decision to appeal the court’s harsh ruling quashing subpoenas as part of their investigation of Chair Jay Powell is likely to present two outcomes markets have not focused on yet.

What’s driving private-credit valuations?

Taking a closer look at what’s happening in BDCs

2026 Q1: Energy & nature investor

By: Michael Lewis, Steffen Kutscher

Quarterly highlight: Navigating mega-forces

Oil shocks don’t bite like they used to

Decades of efficiency and electrification have defanged a once-feared macro risk — even as Middle East tensions keep markets jumpy.

Who dares wins: Financing German first-of-a-kind technologies critical to Europe’s future

By: Michael Lewis, Ian Bigelow

Americas CIO View

Time to Turn Back?: Return to Growth or seek US equity alternatives?

U.S. and Israel strike Iran

Market impact likely hinges on the scale of oil-supply disruption

APAC CIO View

By: Ivy-sw Ng, Christy Lam

Charging Ahead: Electrification in Asia

A sunny 2026 for the Australian dollar?

The Australian dollar currently has a wide range of monetary, economic and political factors on its side

Frank Kelly’s Geopolitical Week Ahead | February 22, 2026

By: Francis (Frank) J. Kelly

Trump’s tariff blow-up, U.S.-Iran tensions spike, Germany’s Merz visits Beijing, Mexican military moves on cartels, and markets await Nvidia’s earnings and central bank speeches

Does the Fed’s balance sheet have a price tag?

Even a quieter, less interventionist Fed would only shrink its footprint very cautiously. Partly this reflects changes to the financial plumbing in recent decades.

Copper between shortage and stockpiling

A physically tight market is keeping prices close to their record highs.

Hunger games: The data centre race for power, land and water

By: Michael Lewis