I agree the metals won't be hurt as bad as in the past for the supply-chain and green reasons you cite .  When the 'R Word' gong is hammered though the whole metals complexe will still knee-jerk react pricewise for a while as supply/demand uncertainties linger. Potential WWIII, pandemic worsening, and lock-down mania has been beating down upon the investor psyche for a while now and metals have held up relatively well. So there's some proof of relative resilience for metals right there.  I don't predict a deep recession, unless of course covid develops into something even nastier and when its not only China that is taking drastic lock-down measures.  Its hard to see these worldwide problems resolving any time soon so I still think despite resilience in metal prices that we're in for a helluva down-and-up ride in the mining stocks and equity markets over the next year.   Buckle up!