Zhongtai Securities says US Treasury yields across the curve are at fresh highs,
with the 30‑year yield above 2008 crisis levels, raising US sovereign‑risk
considerations. The note adds that perceived erosion of the Fed’s credibility
and independence is enhancing commodities’ financial characteristics. While
realized volatility may remain suppressed ahead of the September FOMC, Zhongtai
warns of significant underlying flows and recommends positioning in precious
metals and in copper and aluminum most exposed to Middle East supply risks.
