Our commodities view from our Mid-Year Outlook continues to hold true with the bull market in gold continuing, silver starting to shine, and the market dislocations in the base metal and uranium space providing investors medium term opportunities. With commodities, currencies and particularly precious metals establishing new levels as the world adjusts to a COVID-19 induced “new-normal”, we are updating the metal price and currency estimates we use to value mining companies, resulting in target price changes. Additionally, considering recent share performance and coverage changes, we are updating our Top Picks, which have performed well since our Mid-Year Outlook (up 25%). We are adding two silver levered names as we expect the next leg up in the gold price to benefit silver as well. In our view, we believe the continued liquidity injections and stimulus needed to help the economy recover from the pandemic should eventually benefit all commodities with precious metals leading the charge.