Precious metals led gains as inflation concerns and fears of financial
repression boosted safe-haven demand: gold +9.7% in August to $4,437/oz, silver
+15.6% to $66.58/oz. Agricultural commodities rallied on a still-closed Strait
of Hormuz and lingering El Niño supply pressure: wheat +18.3%, corn +16.8%,
sugar +21.5%. Oil and gas: Brent +0.4% to $90.49/bbl, WTI +1.3% to $85.76/bbl;
European gas futures +18.2%, US natural gas futures +6.8%. Equities rose on
strong global data and corporate results: S&P 500 +2.7%, STOXX Europe 600 +0.5%,
MSCI Emerging Markets +3.4%. Source: Deutsche Bank monthly review.
