• Our last week’s pick, AMC Entertainment (NYSE: AMC), went from $51.83 on Monday, to a high of $64.96 on Thursday (up 25%).
  • Five out of seven global equity indices we track retreated last week after the U.S. Fed moved up its timeline for rate hikes.
  • Prices of mainstream metals pulled back as well. Copper was the biggest loser (down 7.5%), as it was also impacted by an increase in inventory levels on the LME. We are expecting additional corrections as China has started releasing inventories from its reserves to tame the rally in base metal prices.
  • Since we are not expecting a supply deficit for any of the mainstream base metals, we are expecting downward pressure on prices. As for gold and silver, we believe inflation will drive prices higher this year. Inflation will be driven by the significantly higher money supply (see chart below), and stronger consumer and business spending as economies normalize amid the rollout of vaccines.
  • Canadian and U.S. cannabis stocks were down 5% and 4%, respectively, amid the overall market weakness post the Fed’s meeting. On a positive note, a new research study, published today by the Dalhousie University Agri-Food Analytics Lab (AAL), found that the number of Canadians buying cannabis solely from legal outlets has doubled since 2019 (38% vs. 60%).

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Companies Mentioned:

UEX Corporation, Gran Colombia Gold Corp. ,Azure Minerals Limited, Chatham Rock Phosphate, Colibri Resource, Skyharbour Resources Ltd., Renforth Resources Inc., Ultra Resources Inc., Mammoth Resources Corp., Grid Metals Corp., Hannan Mentals Ltd., Banxa Holdings Inc.,Kontrol Technologies Corp., Pure Extracts Technologies Corp.