The Covid-19 Precious & Base Metal Update

(March 2020 - Nicky Shiels, Metals Strategist - Scotiabank)

Precious & Base Metal Outlook Macro Backdrop:
• Corona Virus, not trade, now a new global economic threat

Outlook for Gold:
•Entered a new cyclical bull market in 2019; how bullish is the trajectory in 2020?

Outlook for Silver:
• Slightly bullish due to spill over effects from gold; fundamentally oversupplied

Outlook for Copper:
•Soft floors around cyclical lows set at $5500 (low conviction), all else equal.

Outlook for PGMs:
•Structurally bullish PGM basket; some have overshot in the short-term

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