At the start of 2020, we were bullish on precious metals, and while we have been proven correct, we did not forecast the pandemic or the market dislocations that it has created. Taking this into account, we are updating our outlook. At the mid-year point, we are very bullish on gold and silver equities, and believe the rotation down market cap has already started. Additionally, dislocations between supply (still offline) and demand (coming back) has made us more bullish on base metals, particularly copper. For more industrial metals (PGMS, rare earths and battery metals), we are taking a more cautious approach as these likely require a return to normalcy before picking. Additionally, we continue to be bullish on uranium, as the pandemic has accelerated the anticipated supply deficit. Taking these factors into account we are updating our Top Picks (Page 3). For additional information, tune into our webcast on Monday, July 27th at 2:00pm EST, where our analysts will discuss our Mid-Year 2020 Outlook and will answer your questions live.