Based on historic indicators, last month’s precious metals performances gave us two reasons for optimism.

Perhaps the heart of our pro-gold thesis is this consideration: governments are inherently inefficient, they attempt to provide services far beyond their genuine fiscal ability and these trends result in deficit financing, growing debt levels and ultimate “watering” down of currency values.

Another potential problem is the body of regulations imposed by the Paris Climate Accord that President Trump had negated but which President Biden has immediately rejoined.