Special: Mining Goes Mainstream

The next commodities trade is in equities: long mining

Housekeeping: Good afternoon. Founders early look was May 28th, here

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Soc Gen on Mining

Contents (900 words 16 charts)

1. GoldFix Summary: inflation not stagflation

2. Conviction Thinking

   1. Long catch-up trades sensitive to commodities.

   2. Long miners vs energy has substantial room to perform.

   3. Long SG Greenflation Equity index

3. Key Points

   1. Inflation

   2. The Copper Vs Oil Stock Trade Secular and Cyclical Forces

4. Are risks embedded in future positioning beyond copper?

   1. Copper: Investing interest dwarfed hedging on way up

   2. Copper/Diversified Miners: Should not experience this risk

5. GoldFix Comment: This is client driven, not bank driven