Deeper Crisis, Weaker Recovery

Outlook for 2020 and 2021.

Gold and copper.

Equities and bonds.



If we look at the recovery so far in the majority of economies it is quite less exciting than what many expected, so what we can certainly rule out is the concept of a V-shaped recovery. I think it’s also very uneven. We see that the recovery is quite rapid in those areas that have to do with government spending and weaker in those areas that have to do with travel and leisure. Considering the outlook for 2021, what we believe is that there will be more of an L-shaped type of recovery.

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