This year the post-global health crisis boom was brought to an end by a surge in
inflation to forty-year highs, a major rise in global interest rates in an attempt to curb
the rising prices and surging geopolitical risk after Russia’s invasion of Ukraine. While
precious metals held up reasonably well as markets turned to them as a risk hedge,
by Q2/22 the higher interest rates put an end to the surge in base metals prices that
had lasted since 2021 on growing concerns that a recession would curb demand,
while global health-crisis driven supply constraints started to ease.