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Money Market FundsBASELINE VIEW – PRECIOUS METALS:
Gold prices have steadied following a strong first few months of the year. However, the bullish drivers remain, with gold needing a new catalyst to push it out of the current trading range. Meanwhile, silver prices have soared in recent weeks, and while supportive factors remain, there is the risk of a sharp pullback.
BASELINE VIEW – INDUSTRIAL METALS:
Industrial metals have experienced heightened volatility as focus has been directed on Trump’s trade policies. The base case remains that new trade deals will be reached soon to remove some uncertainty from the market. Then, focus will turn to fundamentals which remain relatively bullish given supply concerns across multiple metals markets, and resilient demand.
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