Brad Yates

Brad Yates is the global head of trading at Elemetal Capital, a multinational integrated precious metals company headquartered in Dallas. Brad is responsible for global hedging implementation and proprietary trading, as well as longer-term strategy for the risk management team. His areas of expertise are macroeconomic analysis and derivatives, especially as they influence the precious metals space.

Articles by Brad Yates

• Metals Thoughts: Channel change

  ​The FOMC elected to hold rates steady yesterday to no one's surprise, but their forecast still calls…

  Thursday, September 21, 2017

• Metals Thoughts: NoKo a go go

  On Friday, gold failed the $1,350 breakout resistance among a stronger dollar and higher yields as Hurricane…

  Tuesday, September 12, 2017

• Metals Thoughts: Crowded movie theater

  It seems almost immediately after I wrote that the rally in gold was overcooked (at $1,295 spot) and…

  Tuesday, September 05, 2017

• Metals Thoughts: Back to school

  ​We've taken a couple months away from publishing Metals Thoughts as it became a bit tedious to dissect…

  Thursday, August 24, 2017

• Metals Thoughts: End the Fed (holding of treasuries)

  ​We are halfway through a busy back-half of the week from a central bank perspective. The FOMC yesterday…

  Thursday, June 15, 2017

• Metals Thoughts: Eye on the vol

  With French elections out of the way (for now) and basically all economic data continuing its trend of…

  Friday, May 12, 2017

• Metals Thoughts: Peak populism

  ​The first round of the French election pretty much went the way that risk markets were hoping for.…

  Tuesday, April 25, 2017

• Metals Thoughts: Same as the old boss

  ​We seem to be gearing up for the next overreaction as markets and President Donald Trump learn that…

  Tuesday, April 18, 2017

• Metals Thoughts: Mandate death trap

  ​For the second time in a month, gold has challenged and failed the downsloping 200 DMA, but this time…

  Tuesday, March 28, 2017

• Metals Thoughts: When the levee breaks?

  ​After the FOMC hike Wednesday, we saw a nice little relief rally, driven mostly by spec short covering.…

  Tuesday, March 21, 2017

• Metals Thoughts: The heavy load

  The pace of headlines not directly related to President Donald Trump seems to be picking up a bit: Fed…

  Wednesday, March 15, 2017

• Metals Thoughts: Light at the end of the tunnel

  Gold prices are off about $25 in the last week and silver off an impressive $1.50. Our gold longer-term…

  Tuesday, March 07, 2017

• Metals Thoughts: Pick your paradigm

  Gold broke but could not hold the 200 DMA at $1,262 Monday, and we are viewing that as a technical failure…

  Tuesday, February 28, 2017

• Metals Thoughts: Channel surfing

  ​When I left the desk two weeks ago, gold was trading at $1,235 and hasn’t gone more than $20 either…

  Wednesday, February 22, 2017

• Metals Thoughts: Are you not entertained?

  ​It seems we have gotten a small dose of the "Bad Trump" effect ​we spoke of last week. Sure enough,…

  Tuesday, January 31, 2017

• Metals Thoughts: Bad Trump and the buck

  Occasionally, there doesn't seem like too much color to add to the market as it is fairly straightforward.…

  Tuesday, January 24, 2017

• Metals Thoughts: Hard Brexit and soft dollar

  ​Just when it seemed that gold had perhaps run out of steam trying to break the $1,200 mark, Donald…

  Tuesday, January 17, 2017

• Metals Thoughts: Abandoned resolutions edition

  We've been content to sit on our hands once the rally started, as it only seems to be a slight unwind…

  Tuesday, January 10, 2017

• Metals Thoughts: A perfect 10

  Trumpflation — or whatever you want to call it — has basically been priced into markets for perfect…

  Tuesday, December 13, 2016

• Metals Thoughts: 1 hike to rule them all

  ​We seem to have settled in just a bit over the last couple of weeks, and while the downtrend since…

  Tuesday, December 06, 2016

• Metals Thoughts: Midnight diplomacy edition

  The USD is taking a slight breather from its one-way appreciation trade, and that has given metals an…

  Tuesday, November 29, 2016

• Metals Thoughts: Brave new world

  By now you have already read a thousand articles about "What Donald Trump means for _____," and I'll…

  Tuesday, November 15, 2016

• Metals Thoughts: Good night and good luck

  ​There is little I can add in the way of insight into the political outcome for today's general election,…

  Tuesday, November 08, 2016

• Metals Thoughts: Subpar Tuesday edition

  With the election only one week away, FOMC tomorrow and nonfarm payrolls on Friday, it's not surprising…

  Tuesday, November 01, 2016

• Metals Thoughts: Ample support edition

  The big stories this morning all seem to be revolving around base metals/broad industrials, and that…

  Tuesday, October 25, 2016

• Metals thoughts: Sudden stop edition

  Gold and silver both seem to have arrested their falls over the last week, with both sitting squarely…

  Tuesday, October 11, 2016

• Metals Thoughts: A look over the edge

  ​With Golden Week (China) and Rosh Hashanah both occurring, trading volumes are noticeably lighter.…

  Tuesday, October 04, 2016

• Metals Thoughts: Home on the range

  We've had an incredibly quiet last few sessions since last week's FOMC/BoJ shenanigans, and the resistance…

  Wednesday, September 28, 2016

• Metals Thoughts: Bank doubleheader

  ​The next 36 hours or so are likely to have an outsized effect on capital markets the world over as…

  Tuesday, September 20, 2016

• Metals Thoughts: Failure to yield

  ​The broad commodities indices have seen decent selling so far today, with generally all risk assets…

  Monday, September 12, 2016

• Metals Thoughts: The almighty dollar

  Welcome back from the long weekend (or perhaps even the long summer). We are basically flat to prices…

  Tuesday, September 06, 2016

• Metals Thoughts: Tight lines

  Gold — along with most every other asset class — has pretty much been a dollar story of late. Dollar…

  Tuesday, August 23, 2016

• Metals Thoughts: Yen roars against dollar

  In last week's article, I noted that one of the requirements for another leg higher in gold would be…

  Tuesday, August 16, 2016

• Metals Thoughts: The chain

  ​Gold and silver have generally held their respective ranges since we last discussed and don't show…

  Tuesday, August 09, 2016

• Metals Thoughts: Two-legged stool

  Gold and silver are hanging somewhat precariously with some of the recent extreme momentum having come…

  Tuesday, July 26, 2016

• Metals Thoughts: Spinning our wheels

  There has been a fair amount of choppiness to the market in the last week without really getting anywhere…

  Tuesday, July 12, 2016

• Metals Thoughts: Brexit stage left

  The surprise from the Brexit "leave" victory last week is abating a bit, and markets seemed to have settled.…

  Thursday, June 30, 2016

• Metals Thoughts: No more bets

  The table is basically set for Brexit results (late Thursday night), and we have Janet Yellen's two-day…

  Tuesday, June 21, 2016

• Metals Thoughts: Expensive insurance

  ​Somewhere between a Brexit vote, global negative interest rate policy, a U.S. election and a less…

  Tuesday, June 14, 2016

• Metals Thoughts: Uniformly underwhelmed

  ​Friday's terrible number for the headline job creation has taken the wind out of the June-hike sails.…

  Tuesday, June 07, 2016

• Metals Thoughts: Carried away

  ​Metals had a tough month of May, with speculative positioning running out, hawkish FOMC minutes, the…

  Wednesday, June 01, 2016

• Metals Thoughts: Tourist season

  ​The USD's three-week rally has extended the mighty dollar to a high since late March on the back of…

  Tuesday, May 24, 2016

• Metals Thoughts: Summer break

  With summer rapidly approaching, it seems an appropriate time to hit pause on our weekly focus. Let's…

  Tuesday, May 10, 2016

• Metals Thoughts: Late-inning rally

  ​The Bank of Japan holding off on any further action has created a massive Yen carry unwind and a general…

  Monday, May 02, 2016

• Metals Thoughts: Doha on my mind

  ​Spot gold has bounced off the 50-day moving average again with the aid of a weaker USD, now at $1,236…

  Tuesday, April 19, 2016

• Metals Thoughts: Dollar bets

  The broad dollar index has seen an impressive revaluation since early March, and it has helped spur a…

  Tuesday, April 12, 2016

• Metals Thoughts: A tradition unlike any other

  Interesting action overnight as we saw a reversal of some recent trends: ETFs were sellers, Asian physical…

  Tuesday, April 05, 2016

• Metals Thoughts: Terror in Brussels

  ​Markets and security forces are on high alert this morning in the wake of the terror attacks in Brussels…

  Tuesday, March 22, 2016

• Metals Thoughts: A crack in the dam

  ​Despite Thursday's drop, gold (and to some extent silver) can still be considered as having outperformed…

  Thursday, March 10, 2016

• Metals Thoughts: Friday Happy Hour

  ​After a strong suite of jobs data this morning, gold continues to outperform expectations. In continuation…

  Friday, March 04, 2016

• Metals Thoughts: All night long

  Gold has held up surprisingly well in spite of a crude and equity rally. Funds are putting on bullish…

  Friday, February 26, 2016

• Metals Thoughts: Don’t call it a comeback

  In what has likely been the most exciting week for metals since 2013, gold has traded up as much as 5.2…

  Tuesday, February 16, 2016

• Metals Thoughts: Fat Tuesday

  ​Over the last week, gold and silver are up $60 and $1.10, respectively, and have blown through most…

  Tuesday, February 09, 2016

• Metal Thoughts: Double rainbow

  Last week saw oil, gold, long duration treasuries, the U.S. dollar and most U.S. equities all higher…

  Tuesday, February 02, 2016

• Metals Thoughts: A new hope

  Gold has broken through its heretofore stubborn resistance at the 100 DMA and also made a new high above…

  Tuesday, January 26, 2016

• Metals Thoughts: Space oddity

  ​Gold started the year with a $45 rally from $1,065 basis, but for the last few days has seemed bound…

  Tuesday, January 12, 2016

• Metals Thoughts: 2016 outlook

  Welcome to 2016. In many ways, gold was the dog that didn't bark after the Fed hiked rates and so our…

  Tuesday, January 05, 2016

• Metals Thoughts: Short shorts

  ​Friday's nonfarm payrolls report was a seemingly bearish first blush, with the headline number coming…

  Tuesday, December 08, 2015

• Metals Thoughts: Fed solo

  As U.S. traders return from the Thanksgiving holiday, not a lot has changed in the macro picture. The…

  Tuesday, December 01, 2015

• Metals Thoughts: All about the Benjamins

  Get the U.S. dollar right, and you can basically nail gold's movements of late and probably for the foreseeable.…

  Tuesday, November 17, 2015

• Metals Thoughts: Cold November pain

  Gold technically eked out an "up" day Monday, closing about $2 above where it opened (depending on how…

  Tuesday, November 10, 2015

• Metals Thoughts: Fool me a dozen times

  I said it last week, and it still holds true that we have traded almost straight down in gold, and somewhat…

  Tuesday, November 03, 2015

• Metals Thoughts: Fall classic edition

  Metals have traded largely lower in the last 10 days, but has a bit of sideways feel to it ahead of the…

  Tuesday, October 27, 2015

• Metals Thoughts: Austrian economics edition

  It has been almost nonstop bid since the non-farm payrolls ​disappointed for the September number.…

  Friday, October 16, 2015

• Metals Thoughts: As good as it gets?

  Friday's weak non-farm payrolls and even weaker August revision have effectively changed the prevailing…

  Tuesday, October 06, 2015

• Metals Thoughts: 1 step back

  ​After a volatile week, gold is basically right where we left it last week, but with a failed move…

  Tuesday, September 29, 2015

• Metals Thoughts: Fed dove edition

  The much-anticipated Fed meeting last week was incredibly dovish. We expected a "hold" but a bit of hawkishness…

  Tuesday, September 22, 2015

• Metals Thoughts: The market waits

  With two days until the Federal Open Market Committee (FOMC) answers the "will they or won't they" question,…

  Tuesday, September 15, 2015

• Metals Thoughts: Maybe September isn’t dead

  ​Last week's combination of an impressive Q2 GDP revision to 3.7 percent (from 2.3 percent) and the…

  Tuesday, September 01, 2015