Global equity markets were up 1.5% last week (down 0.3% in the prior week) amid preliminary indications that Omicron is not as dangerous as the Delta variant. Researchers have stated that booster shots would improve immunity against Omicron.
Valuations of gold producers were down 4% WoW; base metal producers were up 4%.
We are adjusting our H2-2021 forecasts slightly, while maintaining a positive outlook on gold and silver prices, as inflation will remain the biggest concern for central banks in the coming months.
As of December 13, 2021, the Canadian big four LPs were trading at a 35% premium (up from 31% in the previous week) over their U.S. peers.
