Our optimism for gold has not waned as the same drivers fueling its 2020 rally remain steadfastly in place heading into the New Year. Negative interest rates, asset bubbles, ballooning debts and deficits, and a weakening U.S. dollar have not gone away. If anything, these factors—and others that have traditionally benefitted gold, such as inflation concerns—have only gained steam with discussion of further stimulus measures in the U.S. and the potential for a sharp rebound in consumer demand following the roll-out of COVID vaccines. By extension, our optimism for the miners also persists as we believe that they should continue to benefit from stronger gold prices and their ongoing commitments to financial prudence.
- Review of 2020 performance
- Current macroeonomic landscape and outlook for gold and gold miners
- Potential risks to gold prices in 2021
Portfolio Manager, Gold Strategy
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