本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 7 January 2025 Global Metals & Mining Global Metals & Mining 2025 Outlook: The battle of mining & minting vs policy & printing Bob Brackett, Ph.D. +1 212 756 4656 bob.brackett@bernsteinsg.com Andrianto Guntoro +44 207 676 6825 andrianto.guntoro@bernsteinsg.com At first glance, most base metals and bulks appear to be reasonably priced versus themselves and their history. We thus enter 2025 without the ability (at least intellectually honestly) to "pound the table" and ...