scotiamocatta says the gold carry trade will come to an end. they are also bullish on silver and the pgm metals:

Silver

As the bullish case for gold and silver revolves around their offering alternatives to fiat currencies, ScotiaMocatta analysts said "we feel that both metals have considerable potential on the upside if the financial system continues to deteriorate. At present, ongoing deleveraging is dragging silver prices lower than other commodities, but once that has run its course, then without that selling pressure, prices may well head higher again."

"The big picture is very confusing, redemptions and dollar strength have weighed on silver prices," they noted. Demand for safe-havens is likely to grow once investors have returned to cash, but then decide too much exposure to the dollar is not a good thing either."

"As such, a return to the $11/oz-$13/oz range seems likely in the months ahead," ScotiaMocatta advises.

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