Section 1: Company Fundamentals

1.1 Summary Table

1.2 The Key Positives, and Negatives

1.3 Underlying Commodities Analysis:

In the wake of Silicon Valley Bank's failure in the US, the dollar saw a steep decline, and investors fled to safer havens, sending gold prices surging to their highest levels in over a month. Markets are now split on whether the Fed will deliver a more cautious quarter-point rise this month or a massive 50 basis point increase. Investors anticipate this week's critical US inflation data, which will be among the final significant economic releases before the Fed makes its monetary policy decision the following week. As rising interest rates increase the opportunity cost of storing non-yielding bullion and vice versa, gold is extremely sensitive to the forecast for rates.

When investors turned to bullion assets due to concerns about the US financial sector, silver futures increased beyond the USD 21.70 per ounce barrier, recovering from the four-month low of USD 20 reached on March 8th. They also followed the decline in Treasury rates and the dollar. Because it decreased the opportunity cost of storing non-interest-bearing assets, the outlook helped to sustain the market for precious metals. Supply constraints and low stocks on the LBMA and COMEX contributed to the recovery. Also, fresh data showed that Peru, a key producer, had a 22,000-tonne decline in reserves to 98,000 tonnes in 2022.

As overnight rates go from virtually 0% to 5% over the course of a year, an accident was inevitable. The abrupt rate rises are to blame for the current issue in the US banking industry. In the forthcoming rate increase meeting, the rate climb is anticipated to stop. This change in forecast is the result of current stress in the banking industry, which has created a great deal of uncertainty regarding the path of rate hikes beyond March. A pause in rate rise plans will result in a decline in the US dollar index versus the basket of major currencies, a decrease in yields on investment-grade assets, and an increase in the price of gold and silver.

Section 2: Kinross Gold Corp. (“Buy” at USD 3.78, as of March 14, 2023, at 06:35 am PDT)

2.1 Company Details

2.2 Valuation and Technical Guidance

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 13, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.

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