Cyclical conditions continue to worsen. The IMF has restated its slow growth (and implicitly anti-metals cycle) hypothesis as it has again downgraded expected growth outcomes. Also this week: iron ore prices and the Australian dollar and why gold is not needed. The macro driven portfolio model continues to run ahead of the benchmark with a higher cash allocation than at any time since the inception of the model. Kasbah Resources (KAS:AU) was removed from the model. The PortfolioDirect rating for Aurelia Metals (AMI:AU) has been suspended following a dispute with its major funder and a shortfall in operational outcomes at its Hera copper mine. Real Energy Corporation (RLE:AU) has been given an initial rating of '3+' on the five point rating scale. The company offers relatively low risk exposure to relatively high quality oil and gas prospects in the Cooper Basin. The PortfolioDirect report is available here (VIEW LINK)