Gold has been used all over the world as a hedge against the national economy you're in and against currency risks. It's used in India and China for those purposes. It is used in South America for those purposes. People tend to flee to it in times of economic stress. We saw that in the financial crisis, we saw that during last year's COVID crisis. It tends to outperform and even be countercyclical for these kinds of situations.
Aside from the inflation narrative, gold has two other significant drivers coming together. Western investor demand and Asian gold jewelry consumption are likely to both surge towards the end of the year.
If you have gold jewelry consumption rising, which we think it will towards the end of the year, coupled with Western gold investment demand going up, then you have a recipe for sharply higher prices.
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