Both silver and gold have enjoyed a strong start to 2023 helped by the weak $US, our big picture view is we’re witnessing just the beginning of a significant advance by precious metals with the risk/reward attractive into any dips. Gold ended last week basically unchanged as its upside momentum slows, considering MM’s longer-term outlook we wouldn’t consider selling gold but a few weeks around $US1,900, or lower, now feels like a strong possibility.
- Similar to copper, we are bullish on gold medium/long term but a pullback feels likely through the remainder of Q1.
MM is very bullish on silver and precious metals over the coming years
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