**UBS: Go For Gold and "It's Time for Real Estate"

2024 Review and 2025 Outlook

Housekeeping: Good Afternoon. EOY and 2025 reports are coming out. We’ll write up the ones that catch our eye like this one. Two years ago we liked CHiPS. These next 3 years this may be the play.

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Go For Gold and Time for Real Estate

Contents: (900 words)

1. Full Report Comment

   1. Report Highlights: Electrification

   2. The Return of Real Estate

   3. Paving the Rust Belt

   4. PAVE Holdings spreadsheet

2. Go For Gold

3. Copper

4. Sell further dollar strength

5. Price Forecasts

6. Report Table of Contents

7. Full UBS report