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Opinions Hap (Robert) Sneddon FCSI
iShares S&P/TSX Gb Base MetalsXBM.TOTOP PICKDec 22, 2017
Stock price when the opinion was issued
As of Jun 19, 2026. Market Open.
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On the theme of AI moving from code to atoms. We need to build out all the data centres and the power structure. That's where the miners come in. This ETF focuses on the base metal miners -- BHP, FCX, AA, and the like.
Not a core holding, more of a satellite in your sleeve of real assets. Expect volatility, so position size matters. Helps diversify, while taking advantage of real growth in AI without the high valuations and tech volatility.
Sector has run, but it's just getting started.
The recession for copper ended back in October 2022. If we can take out just above $4, that would confirm the series of higher highs and lows, which is the definition of an uptrend. That's what we should expect to see if we're actually starting a new 3-5 year bull market.
He'd be looking to add. When equities lead the commodities higher, that's really bullish. If it takes out its level from the start of the year, that would be very positive, telling us it's going to test highs from 2022.
He really likes the copper space. See his Top Picks.
Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Gold is the cheapest it has been by historical standards. A good choice for general exposure. Good value and provides global exposure to base metals. The sector is highly cyclical. Unlock Premium - Try 5i Free
Stockchase Insights
Likes base metals, as they're cyclical and sensitive to the economic upturn. Fee is 60 basis points for a diversified mix. Holds BHP, Rio Tinto, First Quantum, and FCX. Volatile, so a 5-10% swing either way is very normal. He owns MXI, in US funds which he prefers, and is only 46 basis points. Great area with the recovery, inflation, and commodity prices moving higher.
Terry Shaunessy(A Top Pick May 15/19, Down 18%) It got hit severely. All base metals are basically four companies. We haven't had a metal cycle in quite a while. The catalyst will be when the US dollar stops being so high and also shortages occur.
Terry Shaunessy
This is a way to play the whole base metal space without trying to pick any one individual base metal stock. Base metals are notoriously volatile. Chart shows a good long base with an uptrend running below it. It has broken out of this. This has one of the best upsides in the next 6 months. There haven't been a lot of production increases and not a lot of new mines coming on board. There is a dwindling supply, plus there is the infrastructure push. New bridges and new roads could get a 2nd leg, and that should be a tailwind. China has indicated they are not going to tamp down on the debt is much as they had, which will probably give a bid to commodity prices. Good place to be.