Beaver Creek, Col. – Industry leaders debated the roles of economic uncertainty, inflation and monetary policy in driving gold to a record high this week even as many gold equities have underperformed.
The experts predict gold, which hit an all-time high of US$2,554.78 per oz. on Thursday, to be on a long-term bull run. Some of the sector’s most respected voices, including Sprott’s John Hathaway, mining entrepreneur Frank Giustra, gold fund manager Ronald-Peter Stöferle and investor guru Rick Rule, said central bank gold buying, geopolitical tension and a divergence from traditional asset classes are boosting gold’s price.
Hathaway, managing partner of Sprott Asset Management, says less than 1% of most investment portfolios are allocated to gold, showing how the asset is misunderstood. Reallocating just 2-3% to gold could push up prices by US$1,000 per oz., he said. “Positioning in gold is still incredibly low among mainstream investors,” he said during a keynote discussion with Stöferle, managing partner at Liechtenstein-based Incrementum.
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