Gold’s resilience supports strong outlook, silver faces oversupply, copper could be the big gainer – Deutsche Bank’s Ghali - Kitco
Gold’s resilience supports strong outlook, silver faces oversupply, copper could be the big gainer – Deutsche Bank’s Ghali - Kitco
Source: Kitco
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DW NOTE
Deutsche Bank is talking about supply dynamics in metals markets while ignoring that the Strait of Hormuz has been effectively closed for seven months. Gold hasn't fallen 22% from its January high because of resilience — it's fallen because real rates at 5.24% are the highest in fifteen years. Copper's "big gainer" thesis assumes industrial demand in a world where oil supply is down 6% and maritime chokepoints are shuttered.