Currencies, gold and commodities
The rouble exchange rate, precious metals and commodity markets: what moves them and how they can be accessed.
5 articles
How to change the currency mix of a portfolioFour instruments with different properties and one principle that determines the right position size.
Commodity markets: why access is harder than it looksA private investor cannot buy oil. What is available is derivatives and producers' shares, and they behave differently.
Gold: an asset with no income and a particular roleGold has no coupon, no dividend and no profit. It is held not for its return but for its behaviour.
What determines the rouble exchange rateThe trade balance, the policy rate, capital flows and the fiscal rule — four mechanisms, each acting over its own horizon.
Currency exposure: you have it even if you never opened itA portfolio of Russian equities already contains a bet on the exchange rate. The only question is whether it is deliberate.