Commodities

Commodities
July 2026

Securing the Oil and Gas Resources of the Future

BCG

Rebecca Fitz

Research

12 Pages

The authors examine why oil and gas reserve longevity is reemerging as a key valuation driver after years of investor focus on capital discipline.

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Alternative Assets
July 2026

Rethinking Diversification: Bonds, Commodities and Trend in the Current Market Regime

Aspect Capital

Research

10 Pages

Aspect Capital examines whether the investing environment that supported the classic 60/40 portfolio is giving way to a new regime shaped by inflation, deglobalization, and geopolitical instability.

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Alternative Assets
June 2026

A “super El Niño” Threatens Waves of Commodity-Driven Inflation Into 2027

Schroders

David Rees, Sandeep Jaggi

Article

1 Pages

Schroders examines how a potentially strong El Niño, combined with fertilizer disruptions and energy market stress, could fuel another wave of global food inflation.

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Asset Allocation
May 2026

Commodities, Real Assets and the Return of the Physical Economy

AllianceBernstein

Inigo Fraser Jenkins, Robertas Stancikas

Research

32 Pages

AllianceBernstein argues that commodities and industrial metals are becoming more strategically relevant as geopolitics, AI infrastructure, and resource nationalism revive the physical economy.

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Commodities
May 2026

The return of history: gold, the dollar, and the monetary future

Deutsche Bank

Mallika Sachdeva, Michael Hsueh

Research

18 Pages

Deutsche Bank Research Institute examines how geopolitics may be pushing central banks back toward gold and away from the dollar.

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Commodities
May 2026

How Fast Can Gulf Production Recover After Reopening?

Goldman Sachs

Research

11 Pages

Goldman Sachs analyzes how quickly Gulf crude production could rebound after the Strait of Hormuz reopens.

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Alternative Assets
April 2026

Understanding the rise and recent fall in gold prices

Apollo

Torsten Slok

Research

26 Pages

Apollo’s chart book looks at why gold prices have increased so much since 2022, and why they have declined more recently.

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Alternative Assets
March 2026

An Index of Commodity Futures Returns Since 1871

Research

22 Pages

The authors document the returns to a broadly diversified index of commodity futures over more than 150 years of U.S. market history.

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Commodities
March 2026

What’s the best way to think about oil & gas shocks by country during the Iran war?

J.P. Morgan Asset Management

Michael Cembalest

Article

3 Pages

Michael Cembalest says when we think about the oil & gas shock affecting different countries, we focus on total oil consumption (irrespective of domestic oil production since oil is a global market) and imported gas (since domestic production is typically shielded from price shocks).

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Global Macroeconomics
March 2026

Hormuz Disruption May Impact Global Agriculture Prices

Goldman Sachs

Lina Thomas, Daan Struyven

Research

11 Pages

Goldman Sachs explains how the disruptions to the Strait of Hormuz impacts the global nitrogen fertilizer market (which accounts for 60% of global fertilizer use), and why the Middle East conflict underscores the role of commodities as a hedge against supply disruptions.

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Commodities
March 2026

A crude awakening

Carlyle

Jeff Currie, James Gutman

Research

8 Pages

Jeff Currie and James Gutman examine how a disruption in the Strait of Hormuz could affect global energy security, commodity markets, and capital allocation during an incomplete energy transition.

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Alternative Assets
February 2026

The Boost From the Hard Assets Rotation

Goldman Sachs

Research

22 Pages

Following a strong and volatile start for commodities in 2026, Goldman Sachs analyzes how sustained investor diversification into hard assets would affect commodity prices.

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Alternative Assets
February 2026

Copper in the Age of AI: Challenges of Electrification

S&P Global

Daniel Yergin

Research

116 Pages

S&P Global's comprehensive study identifies a transformative trajectory for copper demand, projecting a surge from 28 million metric tons in 2025 to 42 million metric tons by 2040 – a 50% increase that underscores the metal's pivotal role in multiple technological and economic domains.

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Alternative Assets
December 2025

Golden Fears

Man Group

Henry Neville

Research

29 Pages

Henry Neville argues that while gold has historically provided modest hedging against inflation and equity drawdowns, its current behavior, logistical costs, and uncertain long-term demand dynamics mean it should be a limited, not central, defensive allocation in portfolios.

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Market Outlooks
December 2025

2026 Outlook: Ride the Power Race and Supply Waves

Goldman Sachs

Research

18 Pages

The US-China AI and geopolitical power race and global energy supply waves drive Goldman Sachs’ analysts' key convictions.

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Market Reports
December 2025

The Future of Oil to 2050

Morningstar

Research

40 Pages

US oil production demand is expected to be resilient throughout the mid-century, despite the energy transition to electrification. 

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Alternative Assets
December 2025

Gold Outlook 2026 : Push ahead or pull back

World Gold Council

Research

12 Pages

After Gold's remarkable 2025, achieving over 50 all-time highs and returning over 60%, the World Gold Council predicts 2026 be shaped by ongoing geoeconomic uncertainty.

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Alternative Assets
December 2025

Gold: Bugs, Bears and Myths

Man Group

Research

13 Pages

Man Group evaluates gold’s role in portfolios at record prices, emphasizing diversification and risk mitigation rather than return maximization.

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Alternative Assets
September 2025

Bitcoin vs. Gold: The Future of Central Bank Reserves by 2030

Deutsche Bank

Marion Laboure, Camilla Siazon

Research

18 Pages

Deutsche Bank explores whether Bitcoin could join gold as a central bank reserve asset by 2030.

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Alternative Assets
August 2025

Worth Its Weight

D.E. Shaw & Co.

Research

10 Pages

D.E. Shaw & Co. examines the role of gold as a “non-productive store of value” and its potential diversification benefits amid inflation uncertainty, shifting monetary regimes, and geopolitical tension.

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Gold
June 2025

GOLD!!

Man Group

Henry Neville

Research

21 Pages

Man Group examines the gold rally—prices have nearly doubled since mid‑2022—and weighs whether this surge warrants a continued allocation.

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Alternative Assets
April 2025

Gold $5,000?

Research Affiliates

Campbell Harvey

Research

11 Pages

Professor Campbell Harvey says gold’s recent price surge is largely driven by current economic uncertainty as well as a wave of new investment sources, including gold ETFs and China’s de-dollarization efforts.

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Alternative Assets
July 2022

Battery Metals Watch: The End of the Beginning

Goldman Sachs

Research

21 Pages

The authors argue the battery metals bull market has peaked, with supply growth set to outrun demand across lithium, cobalt, and nickel.

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Alternative Assets
May 2022

Public Natural Resource Equities

Meketa

Research

15 Pages

Meketa Investment Group examines whether public natural resource equities still provide meaningful protection against inflation in today’s economy.

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Global Macroeconomics
May 2022

Putin’s Invasion Reminds Us That We Live in a Finite World

GMO

Jeremy Grantham

Research

4 Pages

GMO’s Jeremy Grantham uses the invasion of Ukraine as a lens on long running constraints in energy, metals and other natural resources.

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Alternative Assets
August 2021

Gold As A Strategic Allocation

Meketa

Alison Adams

Research

16 Pages

Meketa Investment Group explores whether gold deserves a permanent role in institutional portfolios, focusing on its behavior across inflation regimes, real yields, and market stress.

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Alternative Assets
July 2018

Meketa on Natural Resources

Meketa

Adam Toczylowski

Research

23 Pages

Meketa Investment Group explores private natural resources as a real asset class, focusing on return drivers, diversification benefits, and inflation sensitivity across sectors like energy, mining, and agriculture.

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Alternative Assets
September 2016

An Investment Only a Mother Could Love: The Case for Natural Resource Equities

GMO

Lucas White, Jeremy Grantham

Research

12 Pages

GMO argues natural resource equities offer overlooked diversification, inflation protection, and long term return potential despite investor skepticism.

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Alternative Assets
May 2015

Facts and Fantasies about Commodity Futures Ten Years Later

Geetesh Bhardwaj

Research

30 Pages

The authors revisit the case for commodity futures a decade later, arguing the asset class still offers diversification and inflation sensitivity despite weaker post 2008 performance.

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Alternative Assets
September 2013

Pairs Trading with Commodities

Quantpedia

Robert Bianchi, Michael Drew

Research

2 Pages

Quantpedia summarizes a commodity pairs trading strategy that exploits temporary price divergences between historically linked futures contracts.

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Alternative Assets
April 2013

Copper Inventories Rising

Tom McClellan

Research

1 Pages

McClellan Financial explains how rising copper inventories can provide an early signal about future copper prices and broader economic conditions.

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Alternative Assets
February 2013

Gold Fundamentals: Still Positive

Boeckh Investment

Research

14 Pages

Boeckh Investments examines whether gold's long term bull market remains intact despite a sharp correction and growing investor skepticism.

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