Baker Steel: Miners over metal - More gains ahead for precious metals miners?

The precious metals sector is entering the next phase of its new bull market, backed by supportive fundamental demand trends. From central bank buying to demand from selected institutional and retail investors facing the threat of stagflation, economic uncertainty, and confrontational geopolitics, we see broad and strong demand for gold. Silver and platinum group metals are likewise benefitting from a pickup in investor sentiment, as well as from rising industrial demand.

Against this backdrop, precious metals miners are delivering strong performance, as sustained higher metals prices boost profitability, and as evidence suggests costs and capital discipline remain under control. With miners outperforming physical precious metals year-to-date, we examine how far this undervalued sector could rise during this historic bull market.

Alongside precious metal miners, we will also touch on the bullish outlook for many other critical metals, from copper to uranium, driven by demand trends such as the AI revolution and clean energy transition.

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