Like many long-standing industries, advertising is not immune to the forces of technical change. As online technology becomes more sophisticated, it becomes easier to directly target the desired client base. Consequently, many traditional channels are not receiving the same revenues as in the past, with the result that industries, which have relied on advertising revenue, are finding the going ever tougher (notably newspapers).
Knowing investor positioning is of great importance. Among the most widely followed information is the positioning of speculative investors in futures markets as published in the CFTC’s ‘Commitments of Traders’ (CoT) legacy report, the value of which we have already discussed.1 So what could be more obvious than looking at a more detailed report like the CFTC’s ‘Traders in Financial Futures’ report? With a ten-year history now available, we dig deeper into this report.
Dave Patterson from HeathWallace looks at how advertising became one of the first industries to be digitally disrupted and predicts the future could hold even more disruptive innovation.
While all metals markets were still showing supply deficits mid-year, the situation for some metals has eased noticeably in the meantime. Because prices have risen significantly, previously idled production facilities are being put back into operation. We believe that this gives rise to correction potential for metals prices in the short term, especially since the price increase was partly driven by speculation.