Exchange Rates Still Dominant Resource Sector Influences
John Robertson
PortfolioDirect
The PortfolioDirect resource sector macro portfolio model shows position reductions resulting in a continuing buildup in cash. The underlying macro analysis suggests that global growth momentum has not been enough to start a meaningful market re-balance leaving metal prices at the mercy of exchange rate movements (VIEW LINK) and, consequently, at the risk of further weakness. Prices appear to be approaching a cyclical trough but the current metal price positioning remains very weak by historical standards. Gold prices have also been losing momentum making it hard to expect stock prices to sustain gains or maintain share price momentum. Backed by the assumption that equity markets are not yet strong enough to sustain price rises, trading opportunities to take advantage of bottom of the cycle leverage to specific events seem the preferable course to maximise returns. (VIEW LINK)
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John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business strategist and investment market professional for over 30 years after starting his career as a Commonwealth Treasury economist in Canberra. Since being Australia's top-rated commodities analyst and chief economist at one of Australia' leading stockbroking firms, he has advised companies across the mining, consumer products, IT and biotech sectors on their equity market relations. He leads the firm's investment evaluation and security structuring activities on behalf of the Australian Small Scale Offerings Board (ASSOB), the world's first equity 'crowdfunding' investment platform. John Robertson discusses the interaction of mining and investment markets in his weekly 'From the Capital' column in Mining Journal.
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John Robertson
PortfolioDirect
John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...
Expertise
No areas of expertise
John Robertson
PortfolioDirect
John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...
Expertise
No areas of expertise
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