Non-ferrous metals 2013 investment optimistic about gold

With the continued loosening of monetary policy, several emerging countries have cut interest rates since 2012, the euro zone has also started the second European QE, and implemented a bond purchase plan called “Currency Direct”; the United States again implemented quantitative easing policies. (QE3) Japan also implemented a new round of larger fiscal stimulus plans. Gold still has the most investment value. We are bullish on the performance of gold stocks in the first half of 2013, mainly based on the following reasons: (i) Gold prices will operate at high levels; (ii) Stable growth in the performance of gold companies; (iii) Both endogenous growth and extensional expansion; (iv) Estimates The value is low.

Big metal remains to be released. We believe that in the next few years, China will still be in a period of structural adjustment and transformation, the economic growth hub will be shifted downwards, and the growth bottleneck of traditional industries will also become increasingly prominent. Under this background, metal demand will still be difficult to recover; and since October, metals have been Inventory continues to rise, indicating that terminal demand is not strong. Looking forward to the first half of 2013, we believe that there is not enough confidence in the price of metal, but the risk of a drop is very high. The current metal price is undoubtedly “virtual”, and we still insist on the core view of “not to blame, not to Thailand” .