Housekeeping: Good Morning.
“The Gold reset is a process, not an event”
Today
Discussion: UBS, (JPM), CITI Want the Gold (Miners)
Premium: UBS, (JPM), CITI Want the Gold (Miners)
Discussion:
NFP
170k nonfarm payrolls expected (vs. 256k in December).
Unemployment rate projected to hold at 4.1%.
UBS: The Gold Rush Continues
Gold reached our long-held forecast of USD 2,850/oz, and while we acknowledge the current spot price is above our fair-value estimate, our House View risk case is edging closer. So we lift our forecasts to USD 3,000/oz over the next 12 months.
Continues here
JPM Likes Miners, Especially Fresnillo
We raise our Fresnillo (OW) Dec’26 PT to £10/sh (prev £9/sh) and shift FRES to our Top Pick among the EMEA Gold Miners given it is trading on ~3.5x spot EV/EBITDA. We also stay OW on Hochschild and AngloGold and see potential for both to re-rate as well.
Continues here
PiQSuite: CITI Raises Price Target
"The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,"
via PiQSuite
(We have this report from CITI, a deep dive titled Why gold’s bull market is based on physical fundamentals and is set to continue and will be going through it with a fine tooth comb this weekend for premium subscribers.)
News/Analysis:
Markets Recap:
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Market News:
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Geopolitics/ Politics
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via Newssquawk
Data on Deck: Unemployment Rate
MONDAY, FEB. 3 PMIs
TUESDAY, FEB. 4 Factory Orders, Lots of speakers
WEDNESDAY, FEB. 5 PMI, more speakers
THURSDAY, FEB. 6 Productivity.. speakers
FRIDAY, FEB. 7 U.S. employment report Jan.175,000/ Jobs; 4.1%/ Rate1
Final Market Check
