Here is a summary of the key points presented:
- Despite the correction of the past weeks, we continue to believe gold remains in a long-cycle bull market that should target USD 2,200/oz by end-2021 as stimulus re-accelerates in early 2021 with a prolonged period of negative real interest rates and continued USD weakness.
- Even beyond leverage to a rising gold price, gold equity investors can benefit from increasing volumes and widening margins as input costs fall and dividends rise.
- There are a range of gold companies that investors can get exposure to – explorers, developers and emerging, intermediate, and senior producers as well as royalty companies – to diversify their risk across the sector.
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