Commodities

Our commodities activity focuses on precious metals and energy markets that sit at the centre of global capital and trade flows. We approach these markets as a principal, allocating proprietary capital with a measured, risk-first discipline.

Positions are informed by macro research, physical market dynamics and quantitative signals, and are sized within strict risk parameters. We favour liquidity, transparency and robust counterparty arrangements.

• Physical and paper gold
• Silver and precious metals
• Crude oil and refined products
• Macro hedging and portfolio protection