Central banks on easing bias, US Fed moving away from interest rate raising cycle and China stimulus will support commodities in the next 6-12 months. Despite the outperformance in the gold sector over the last 9mths, we continue to see more upside and maintain our buy call on the gold sector from Sep 2015. We moved to a buy call on Energy and Metals & Mining sectors last month as the weakening USD and China stimulus drove the ROE recovery cycle. Majority of the market remains underweight to market weight on resources. (VIEW LINK)



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