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Otavio (Tavi) Costa, portfolio manager at Crescat Capital, describes fiscal and monetary indiscipline as central to the current macro environment.
He suggests that real assets are likely to continue outperforming under these conditions.
Costa has previously highlighted improving conditions for silver miners, citing strong $75/oz margins in a recent note. In a separate update, he reported on a breakout in a major metals and mining ETF, led by gains in copper miners and steel producers tracked by the fund. These comments build on Costa's recent focus on metals and resource equities.