In a nutshell we remain bullish precious metals still believing silver can test / break its Reddit inspired panic rally in early February, gold unfortunately is dragging the chain and might struggle to breach $US2000/oz but such a move should reignite the sector:
1 – ETPMAG $32.15 – we remain long this physical silver instrument in our global macro portfolio with a target above $40.
2 – Newcrest Mining (NCM) $24.24 – we remain long this underperformer in our Growth Portfolio but in line with our core precious metal view we are looking to exit around the $30 area.
MM are short term bullish precious metals
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