BASELINE VIEW – PRECIOUS METALS:
The outlook for precious metals is currently driven by the interplay between inflation and monetary policy. Inflation is slowing and the monetary policy tightening period by the Fed has peaked. This will be supportive of non-yielding assets such as a gold and silver.
BASELINE VIEW – INDUSTRIAL METALS:
The end of the monetary tightening cycle, pullback in the USD and more economic stimulus in China are the major factors that will support base metal prices in the coming months.