We have been optimistic about the prospects for equities this year despite fears of recession. And even though investors have listed a deeply inverted U. S. Treasury yield curve, a sharp drop in the oil price, falling consumer demand, credit tightening and declining M2 money supply as reasons to justify expectations of a recession, the outcome is not guaranteed.

I recently concluded that while Copper’s near-term outlook remains closely linked to global industrial production expectations, as the global supply/demand curve heads into a deficit later this decade we expect the Copper price to hit record highs.