 Hello. Welcome to this Relative Report, recorded at 10.50 on the 14th of April 2022. I'm Trevor Neal, Research Director of R&G Research, presenting from London. Today we're going to look at asset classes, we're going to look at the global, and then we're going to home in on the leader in the asset classes, which particular security can we maximize the message of the relative rotation graph. And there is a very strong one. Let's begin though with looking at asset classes from a top-down view. The first chart we're looking at is a chart showing the MSCI World Index in the middle, and then all the asset class ETFs, traded ETFs of, and I hope you can see an immediate, very striking message in them. We can see the commodities rule. So we've got the two ETFs, the Dow Jones UBS Commodity Index, and then the ETF of Gold itself, the well-known IAU ETF. And then around the center here, we've got everything else. So all the treasuries, emerging markets, the small cap stocks, everything else, stocks themselves, moving around close to the MSCI World. So moving with the MSCI World. Things which are away from it, other things from which you can get some outperformance. Now what's very striking, these two here, the two commodity-related ETFs, we've got the commodity index furthest to the right. That means that on a relative basis, the strongest, uptrend, and then second, and but a long way away from the rest of the group, is gold. The direction of this is downwards, but slightly eastwards. So downwards, but far to the right, means that this is a very strong ETF, relatively, against the MSCI World, which is pausing a bit. This downward movement is the pause. But actually even in the last week, this is a weekly sample, this has moved to the right. So this is improving again. So this one is far to the right, a very good position, the best position, and starting to edge further to the right as well. When we looked at the asset classes versus the MSCI World, we got a clear message about energy and the continuing strength in energy, despite a small pause, but really outstandingly showing it's the best game in town compared to all the other asset opportunities. But how do you capitalise on this? You can buy that ETF itself, but it's been driven quite clearly. I think I can show you now by a particular segment of the whole commodities group. In the first graph, when we were looking at the asset classes, we saw the outstanding show by the commodities. Commodities being furthest to right. Yes, a little bit of a pause going on, but no real cause for alarm. But commodities, of course, has many things, and let's break this down. To do this, I've chosen the CRB Index of Commodities Commodity Research Bureau Index of Commodities. That's in the centre here. It's made up of 19 most actively traded commodity futures contracts traded in the United States. So when we look at that, we can see all the big commodity markets. So we've got some interesting themes here too. If you look in here, the other constituent from the metals group and the biggest one, copper, is right down in here in the lagging quadrant. So metals as a group is rather split up. And we haven't got a consistent theme in that. But energy as a group has got a consistent theme. All of them, except for one, are in the leading quadrant. And this is the only group within the commodities asset class that is all together with a strong message. In that sector, we've got WTI crude, gasoline, the heating oil are all in the leading quadrant. Now there's one that isn't, and that is natural gas. But natural gas may be the most interesting one because it's in the improving quadrant. So we're going to concentrate on these now. But just looking everywhere else, you see sugar, silver, coffee, cattle, cocoa, everything else is in this poor quadrant here or heading towards it, soybeans as well. And there's aluminium there, by the way, as well from the metals group. They are dispersed or they're looking poor. But Brent crude oil has been moving, and the WTI, have been moving ahead very, very strongly. They were in a bull market for many months before the Ukraine warned or got ahead of themselves, now corrected and really stabilizing, look at how they're going up again. But this is a very mature bull market that's going on in Brent crude oil and it's hard to join it at this point. Maybe not wrong to join it at this point, but it's not at the beginning of the move, that's for sure. But there is something that is, and that's this natural gas which we see is in the leading quadrant. And look at its behavior here, how it's swung around here, sample to sample, this sample here from here and a week ago and a week ago and a week ago is expanding, so it's moving around faster and it's heading in a northeasterly direction. While it isn't across the 100 line here, on the left, so on a relative basis, the trend is not so strong, it is improving substantially and also the momentum is improving substantially. So I want to look at this chart. This is a weekly chart of the natural gas nearest contract futures. You can see we just broke into a new recent high last week. We have got an MACD, which is turned positive a few weeks ago, and we have got a relative strength index which is screaming upwards here, very, very strongly and powerfully here. So we've got a very bullish chart in play. But notice this band here. Where did this band come from? Now, look at this. This is going back, this is 2009 here. We have had one, two, three tops in this zone here, between just above $5 and just above $6. This puts below it an enormous, enormous base. It's been at $2 to $6 since 2008 till last week. Technically, when you have a big base like this and all this trading that's gone for literally years in that relatively narrow range of prices and when you leave that, that really is a seismic shift in change in the structure of a market, just as it was here. When we fell away sharply here, this was sort of the invention of cheap natural gas which has dominated the world for a number of years. But now it's looking like this is changing. Cheap natural gas is now behind us. The fall here was very, very fast indeed and therefore it leaves very little resistance if we start to move up here. So this could move up very, very fast and with a great deal of ease supported by this enormous technical base. So I think that this is a great opportunity rather than buying into something which is really, really short and is near its all-time highs and is maybe mature in its move. This one is much closer to the beginning of its move supported by this enormous base. So my favourite is natural gas from the energy sector, from the commodity sector which is favoured from an ROG of asset class groups. Thank you very much indeed. I hope the trend is with you and thank you from all of us here at ROG Research PV. Thank you.