What you need to know: • Precious metals pulled back sharply in March amid a liquidity-driven risk-off rotation, with gold down 12.1% and silver down 15.7%.
• Mining equities declined alongside metals, with GDX down 20.8%, GDXJ down 23.2%, SILJ down 23.9%, and COPX down 20.4%, while the TSX fell 4.6% and the S&P 500 dropped 5.1%.
• The Iran War drove elevated volatility and cautious sentiment across the space in the near-term, while Canada announced 30 new critical minerals partnerships unlocking $12.1B in project capital, as long-term fundamentals remain intact.
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