The pace of vaccine rollout is gradually picking up. Currently, 3.2% of the U.S. population has received vaccinations vs 2.5% at the same time last week. The U.S. is currently administering 0.8M doses per day. At this rate, we estimate it will take approximately six months to vaccine 25% of the U.S. population vs our last week’s estimate of eight months.

Among base metals, nickel prices were up 6% WoW on rising expected demand for electric vehicle batteries, and a decline in inventory levels on the SHFE (Shanghai). Next month, Biden is expected to announce a separate package focused on infrastructure, which we believe will be positive for base metals.

As for the cannabis sector, the market continues to trend upwards with growing optimism for federal legalization of marijuana in the U.S., following the Democrat win in the Senate.

We continue to believe there is a disconnect between investor sentiment/valuations, and the expected weakness in H1-2020.

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Companies Mentioned:

Barrick Gold , Gran Colombia Gold Corp. , Caldas Gold Corp , FPX Nickel Corp. , Rockcliff Metals Corporation , Renforth Resources Inc. , Latin Metals Inc. , New Age Metals , Banxa Holdings Inc. , Diginex Limited, AgraFlora Organics International Inc.