The precious metals and base metals markets were down in the month of May, however, we view this as a healthy pull-back following two strong months in March and April.
M&A remained elevated in the month following what appears to be the peaking of rates and inflation, and persistent elevated metals prices.
Sentiment Update Following two very strong months in March and April (Gold, Silver, and the GDX were up 8.6%, 19.3%, and 18.9%, respectively), precious metals took a breath and were down slightly in the month of May.
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