GLD (Long) — The model is long. The upward trend over the past two months and a constructive market regime support the hold. Softening credit spreads and firmer momentum in inflation-linked bonds also lean bullish. Against that, the downside/upside tilt in recent returns looks stretched, and momentum in big-cap tech leans cautious.

GDX (Long) — The model is long. The upward trend over the past two months backs the position. Against that, most reads lean bearish. Momentum in gold, US large-caps and emerging-market equities all point the other way. Firmer momentum in big-cap tech and the trend in the miners themselves add to the caution. The defensive market regime is a further headwind.

SLV (Long) — The model is long. The upward trend over the past two months and a constructive market regime back the position. Washed-out volatility and a price read that looks washed out both lean bullish. Against that, the cleanliness of the recent trend looks stretched, and softer momentum in US large-caps and global equities leans cautious.

SIL (Long) — The model is long. A constructive market regime backs the hold. That said, most reads lean bearish here. Momentum in gold, big-cap tech and bitcoin all point the other way. A firmer correlation with US large-caps and the trend in the miners add to the caution. The downward trend over the past ten months is a further headwind.

PALL (Flat) — The model is flat. The downward trend over the past year keeps us on the sidelines, alongside the softer trend in palladium and firmer momentum in silver. Being out here is about risk control; this name has a history of sharp rebounds from washed-out levels, so we would not chase weakness. Against that, softer momentum in oil and inflation-linked bonds leans bullish, as does the constructive market regime, and those make the case to get back in.

PPLT (Flat) — The model is flat. The downward trend over the past ten months keeps us out, with softer momentum in US large-caps and big-cap tech and lighter realised volatility on the same side. Against that, several reads lean bullish and make the case to get back in. Softer momentum in Chinese equities points that way, as does the cleanliness of the recent trend. The constructive market regime also leans supportive.

CPER (Long) — The model is long. The upward trend over the past year and a constructive market regime back the position. Softer momentum in inflation-linked bonds and emerging-market equities lean bullish, and a lighter correlation with US large-caps helps too. Against that, firmer momentum in gold and the recent return in copper lean cautious. This name has a history of sharp rebounds, so we would not read the mixed factors as a reason to fade it.

USO (Long) — The model is long. Strength in silver and gold is doing the heavy lifting, and firmer bitcoin adds to the case. Short-term rates lean the same way, and the broader market regime is constructive. Against that, the trend over the past two months is downwards, and softness in global equities leans bearish.

BCI (Long) — The model is long. Volatility in broad commodities is supportive, and realised volatility backs the position too. The trend reads as clean, and washed-out bitcoin looks poised to mean-revert higher. The trend over the past two months is upwards and the market regime is constructive. That said, softness in 7-10y Treasuries leans bearish.

URA (Flat) — The model is flat. Softness in gold leans bearish, and global equities are stretched here on an inverse read. The trend over the past year is downwards, which keeps us on the sidelines. Against that, credit spreads look washed out, high-yield credit is firm, and bitcoin momentum leans bullish. The market regime is also constructive, so the counter-case for getting back in is real.

DBA (Long) — The model is long. The trend over the past ten months is upwards and the market regime is constructive. Washed-out bitcoin also leans bullish on an inverse read. Against that, softness in long bonds and the flatter yield curve lean bearish. Weakness in gold and firmer realised volatility add to the drag.

XOM (Long) — The model is long. Strength in gold supports the position, and oil looks washed out on an inverse read. The trend over the past ten months is upwards. Against that, the recent decoupling from US large-caps leans bearish. Wider credit spreads and firmer realised volatility also lean the other way, and the market regime is defensive.

NEM (Long) — The model is long. The trend over the past year is upwards, which underpins the hold. Against that, the pickup in correlation with US large-caps leans bearish, and price sits extended above trend. Softness reads in big-cap tech and small-caps lean the same way. The market regime is defensive, so the caution case has weight.

NTR (Long) — The model is long. The recent pullback looks washed out and the trend reads as clean, both leaning bullish. Softness in oil also supports on an inverse read, and short Treasuries lean the same way. The market regime is constructive. Against that, the trend over the past seven months is downwards, and the looser correlation with US large-caps leans bearish.

BHP (Long) — The model is long. The upward trend over the past five months and a constructive market regime back the position. Against that, several reads lean bearish. Volatility looks washed out, and risk-adjusted returns and the tilt versus recent price levels look stretched. Softer momentum in US large-caps and a firmer correlation with them also lean cautious.

RIO (Flat) — The model is flat. The defensive regime keeps us on the sidelines. Softer oil momentum, recent volatility and the correlation with US large-caps lean bearish. Against that, the return tilt and a softer dollar lean bullish, and the two-month uptrend is the case to get back in.

VALE (Long) — The model is long. The recent drawdown looks washed out, which backs the position, and the market regime is constructive. Against that, the two-month trend is downwards. Strength in global equities and big-cap tech leans bearish. The stretch versus trend and correlation with US large-caps add to the caution.

ALB (Flat) — The model is flat. The seven-month downtrend and defensive regime keep us out. Firmer oil and growth-stock momentum add to the bearish side. Against that, the return tilt looks washed out, and volatility and the correlation with US large-caps lean bullish, making the case to get back in.

DE (Long) — The model is long. Softer bitcoin momentum backs the position, with the two-month uptrend and constructive regime alongside it. Against that, the stretch versus trend and elevated momentum look toppy. Firmer oil momentum and recent volatility also lean bearish. The reads are mixed here.

LNG (Long) — The model is long. Momentum in short-term rates backs the position, and the seven-month uptrend and constructive regime reinforce it. Against that, several reads lean bearish. Firmer oil momentum, the widening in credit spreads and a stretched three-month return all argue for caution. The stretch versus trend adds to that side.

AEM (Flat) — The model is flat. The year-long downtrend and defensive market regime keep us on the sidelines. There is little in the reads to argue the other way just yet, so we stay out.

FNV (Long) — The model is long. Momentum in inflation-linked bonds and short-term rates supports the position. Realised volatility has come in, which also helps, and the five-month uptrend and constructive regime add to the case. Against that, strength in growth stocks and big-cap tech leans bearish here.

SCCO (Long) — The model is long. Softening momentum in the dollar and firmer 7-10y Treasuries back the position. The two-month uptrend is intact and the market regime is constructive. Against that, volatility and the three-month return look stretched and lean bearish, arguing for some caution.

MP (Flat) — The model is flat. Dollar and bitcoin softness both lean us out, and the recent return points the same way. The year-long downtrend keeps us on the sidelines. Against that, the constructive regime, firmer high-yield momentum and a cleaner trend lean bullish and make the case to get back in. Being out is about risk control; this name has a history of sharp rebounds from washed-out levels, so we would not chase weakness either.