Metals & Mining

Our analysis shows favorable supply/demand dynamics for copper and met coal. We contend that gold and silver should greatly benefit from the past eight years of accumulated excess monetary balances and expected  velocity improvement as confidence and stimulus drive increased inflationary expectations. We believe thermal coal’s secular negatives appear to be abating, although cyclical pricing recoveries may be muted, primarily by natural gas sourced power generation economics.


Top Picks:

  • Freeport McMoran, Inc (FCX)
  • Coeur Mining (CDE)
  • Ramaco Resources (METC)

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