180 degree turn by the Chinese government. Total opening of the country. Growth to resume in 2023. Energy sector supported by Asia. Historically low metal stocks and potential demand increases in 2023. High potential for appreciation in metal prices in the coming year.

Key points

• End of China’s zero Covid policy upsets forecasts
• Oil demand driven by Asia
• Low crude oil production in 2023
• Overall low metal inventories
• Industrial metals in supply deficit
• Macroeconomic environment finally favourable to gold?
• New record highs for precious metal prices?

Discover an extract from our weekly analysis below:

Full version