What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb. • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%). • Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects. The mining sector maintained solid momentum in November as geopolitical uncertainty and supportive policy decisions continued to favour metals and mining. Gold held between $3,900/oz and $4,300/oz in November and ultimately closed at ~$4,220/oz, supporting a healthy consolidation period in the low $4,000/oz range. Silver continued its upward momentum in November, closing the month above $55/oz, capping off another strong month of gains. Copper finished the month in and around $5.25/lb, supported once again by ongoing supply tightness and improving global demand expectations, although gains were partially moderated by a stronger U.S. dollar. The resolution of the 43-day U.S. government shutdown on November 13th helped restore short-term economic clarity by avoiding further disruptions, though it created temporary data gaps in key federal reports. Expectations for a coming Federal Reserve rate cut bolstered metals, with gold’s strong YTD run sustained by continued central bank accumulation and a macro backdrop that continues to see investors steer toward defensive positioning.