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“It’s much harder to find a primary silver mine than a gold mine – and that matters in a world of electrification and solar build-out.” In this short extract from our Zurich lunch “The Commodity Supercycle – Perspectives from Gold and Silver Producers”, Benoit La Salle FCPA, MBA , President & CEO of Aya Gold & Silver, explains: • why primary silver supply is so constrained, • how Morocco has emerged as a top-tier mining jurisdiction, and • where he sees the next leg of growth with projects like Boumadine. Full interview & event insight: https://lnkd.in/dYDKFEej Pablo Gonzalez, CFA Dr. David-Michael Lincke Daniel Gerber #Silver #AyaGoldAndSilver #Commodities #EnergyTransition #Mining #Morocco #PicardAngst

Datacenters, electrification, supply discipline—why these forces shape every commodity segment. Watch Pablo Gonzalez’s 3-minute update, then dive into the Quarterly for the deep-dive. Read the Insight →https://lnkd.in/dk5zZPA5 For professional investors in Switzerland only. Pablo Gonzalez, CFA Dr. Davide-Michael Lincke Daniel Gerber #Commodities #Q42025 #QuarterlyInsights #InstitutionalInvestors #MarketOutlook #Energy #Copper #Gold #Switzerland

Miners’ perspectives on gold & silver. Join our Expert Lunch with Darren Hall (Equinox Gold Corp.) and Benoit La Salle FCPA, MBA (Aya Gold & Silver) — two global players sharing frontline insights. Limited seats. *Register (19.11.25 - Zürich) → https://lnkd.in/daEaZDgS For professional investors in Switzerland only. Pablo Gonzalez, CFA Dr. David-Michael Lincke Daniel Gerber

Commodities held their ground this quarter: energy stabilized, metals strengthened, agriculture mixed. Our Q4 Report distills the three cross-sector forces moving markets and links to the full Quarterly with data, charts and strategy takeaways. Read the Insights & download the Quarterly. https://lnkd.in/dk5zZPA5 For professional investors in Switzerland only. Pablo Gonzalez, CFA David-Michael Lincke Daniel Gerber #Commodities #RethinkingCommodities #QuarterlyInsights #InstitutionalInvestors #PortfolioStrategy #MarketOutlook #Gold #Copper #Energy

We are happy to share our Q3 China Research Paper: China's Shifting Economic Landscape is complete. The paper explores five themes: Oil: Refined oil exports rose 12.7% year on year in August, despite the Iran-US conflict. Exports: Weak demand at home is pushing China's extra factory capacity overseas. AI IPOs: In our view, CXMT's July listing may mark the start of a wider wave of AI IPOs. Property: Second-hand homes now make up 52% of sales, up from 27% in 2020. Power: China uses more than twice as much electricity as the US, which gives its AI sector room to grow. Our experts behind the research: Ashley Clarke Shiyin Li, CFA Link for the full paper is in the comments. Picard Angst | Observations, not recommendations For Professional Clients and Market Counterparties only, as defined by the DFSA. Not for Retail Clients.

Every prior El Niño year eventually reverted. NOAA now puts the probability of a “very strong” event this year above 90% — and the 2026 sea-surface-temperature data is already tracking outside the range of any year on record, including 1997 and 2015, the two strongest El Niño episodes of the last four decades. For a commodity system that was already structurally tight, a disruption of this scale isn't a footnote. It's a second, independent shock layering onto an already-thin supply cushion. Our Q3 Quarterly Report, “El Niño Rising”, looks at what that means across energy, metals and agriculture. Download the full report: https://lnkd.in/eiqJsdBY Follow Picard Angst for commodities charts and market insights. For the full analysis, professional investors can subscribe to our Quarterly Report. https://lnkd.in/esM-YxvJ For professional and institutional investors only. This is not investment advice. Pablo Gonzalez, CFA #Commodities #ElNino #InstitutionalInvesting #RealAssets #MacroOutlook