• Expects gold to initially fall back towards $1,750 until it is clear Fed tightening cycle is over
• Then expects gold to rise to $1,850 by the end of 2023
• Expects silver at around $23 mid-year, before increasing to $25 by the end of 2023
• Expects a moderate recovery in copper price to $9,000 in the coming year
• Believes current oil price weakness is short-lived; sees significant recovery in the coming months
• Brent should cost $95 again by the middle of next year