GOLD, SILVER, COPPER RALLY COULD ADD ANOTHER 15-20%: CITI
• Citi strategists note the impressive performance despite US dollar strength and interest rate shocks. • The gold, silver, and copper rally could increase by 5-10% in 0-3 months and 15-20% in a 6-12 month context.
• Citi strategists expect a minor pullback in gold and silver markets before the end of Q2 but anticipate a surge in the second half of 2024.
• The significant market cap share and index weights of these metals suggest a rally could boost overall commodities returns and sentiment.
• The structural rally in Comex gold is supported by a bullish momentum reading, with increased open interest and trading volumes indicating robust liquidity and investor interest.
