Latest news with #JeffGundlach
Cision Canada
16-05-2025
- Business
- Cision Canada
While Majors Ride Momentum, Smaller Gold Stocks Are Building Something Bigger
VANCOUVER, BC, May 16, 2025 /CNW/ -- Despite a short-lived correction earlier this week, gold prices quickly recovered in what's being called uncertainty-fueled " gold fever". While major gold miners reaped the benefits of a strong Q1 gold price performance, gold stocks of all sizes are moving the needle with developments of their own, including recent updates from Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), Gold Resource Corporation (NYSE-American: GORO), Contango Ore, Inc. (NYSE-American: CTGO), Vox Royalty Corp. (NASDAQ: VOXR), and SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM). According to DoubleLine Capital CEO Jeff Gundlach (better known as "Bond King"), ongoing gold price rally isn't over, as the precious metal could climb as high as $4,000 per ounce. JPMorgan analysts recently made waves with a bold outlook, suggesting that if just 0.5% of U.S.-held foreign assets shifted into gold, prices could climb as high as $6,000 per ounce by 2029, while Goldman Sachs believes we could see spikes as high as $4,500 this year alone. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) is quietly advancing its gold ambitions in Tanzania with a practical, near-term approach. The company recently brought in Nesch Mintech Tanzania —a respected third-party firm— to help evaluate a local gold processing plant that could play a key role in early production. This comes on the heels of a non-binding Letter of Intent (LOI) with Nyati Resources to explore a small-scale development pathway. Nesch's review will assess how ready the plant is to run, how much gold it's likely to recover, and what upgrades might unlock even better results. "Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania." If the partnership moves forward, LVG would begin sending mineralized material from its fully owned Mining Licences to be processed at Nyati's 120-ton-per-day plant, alongside a new 500-ton-per-day facility that's nearly ready. Together, these two plants could form the backbone of a centralized gold processing hub—giving both companies a faster, lower-capex path to first production. "This audit is an important milestone as we advance this most compelling near-term gold development opportunity," said Simon Benstead, Executive Director of Lake Victoria Gold. "By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant's performance and move confidently toward execution." While still early-stage and not yet backed by a current resource estimate or Feasibility Study, the proposed initiative gives LVG a chance to test its geology in a real-world setting. As with any small-scale venture, key risks remain—especially around grade consistency, metallurgy, permitting, and successful, this low-cost strategy could unlock near-term cash flow and help fund further exploration. The agreement with Nyati builds on LVG's earlier announcement that it was exploring small-scale development options at its flagship Tembo Project, located right next to Barrick's high-grade Bulyanhulu mine. Tembo is no stranger to serious exploration, with over US$28 million already invested and more than 50,000 metres of drilling completed. Several key zones—including Ngula 1, Nyakagwe Village, and Nyakagwe East—remain open along strike and at depth, underscoring the project's long-term growth potential. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Benstead. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration." LVG continues to build momentum by aligning capital, partnerships, and near-term development opportunities. While Tembo remains the company's long-term discovery engine, its newly acquired Imwelo Project is the most advanced asset in the pipeline. Fully permitted and supported by a 2021 pre-feasibility study, Imwelo is located near AngloGold Ashanti's Geita Mine and appears well suited for streamlined development and construction.. To help advance development, Lake Victoria Gold signed a non-binding gold prepay term sheet with Monetary Metals in late 2024. The agreement provides upfront, non-dilutive capital in exchange for a portion of future gold production at a discount, aligning repayment with the project's output. The structure allows LVG to access value equivalent to up to 7,000 ounces of gold, with proceeds earmarked for construction and early development work. In early 2025, the company also closed a C$3.52 million investment tranche from Taifa Group at C$0.22 per share, part of a broader C$11.52 million three-stage financing. As part of that partnership, former Taifa CEO Richard Reynolds joined LVG's board, bringing additional regional experience and leadership. Looking ahead, LVG also holds a milestone-based earn-in agreement with Barrick worth up to US$45 million, tied to future exploration success at Tembo. With plant audits in progress, a joint venture under review, and a growing financial toolkit, Lake Victoria Gold is positioning itself as one of the more compelling junior developers in East Africa. In other industry developments and happenings in the market include: Gold Resource Corporation (GRC) (NYSE-American: GORO) faced a challenging first quarter at its Don David Gold Mine in Mexico, where limited access to mining zones and worn-out equipment dragged down output. "While production was lower in Q1 2025 than in prior quarters, we're now seeing strong early traction," said Allen Palmiere, President and CEO of GRC. "We secured additional capital through ATM sales and received the anticipated tax refund, strengthening our balance sheet and placing us in a better position to move forward with the development of the Three Sisters system. We're also advancing contractor negotiations to fast-track access to new zones. These initiatives are part of a disciplined execution plan—and we're confident in our ability to deliver anticipated results." On the positive side, GRC secured $8.6 million through financing and asset sales, plus a $4 million tax refund, improving short-term liquidity. Management sees promising potential in the Three Sisters system, but new investment is crucial to avoid disruptions and return to positive cash flow. Contango Ore, Inc. (NYSE-American: CTGO) delivered a strong Q1 2025, reporting $19.3 million in income from operations and selling over 17,000 ounces of gold from its Manh Choh joint venture. With all-in sustaining costs of $1,374 per ounce—well below target—and $33 million in cash distributions, the company enters Q2 on solid footing. Contango also announced encouraging early economics for its Johnson Tract project, which could mirror the success of Manh Choh. "Gold production from the first campaign of 2025 continued into the second quarter with a further 3,810 ounces in recoverable inventory at the end of the quarter," said Rick Van Nieuwenhuyse, President and CEO of Contango. "During the quarter we delivered almost 12,000 ounces to the hedge contract using the Carry Trade, effectively reducing our hedge balance to 74,800 ounces." Vox Royalty Corp. (NASDAQ: VOXR) has added another cash-generating asset to its portfolio with the acquisition of a 2.5% royalty on the producing Kanmantoo copper-gold mine in South Australia. The $11.7 million deal is fully funded and gives Vox immediate exposure to monthly royalty payments from an active underground operation. With production ramping up and major exploration underway, Kanmantoo enhances both the near-term revenue and long-term upside of Vox's royalty platform. "Based on Hillgrove's production forecasts for 2025, the Kanmantoo 2.5% royalty is expected to generate over $3 million of annualized royalty revenue," said Kyle Floyd, CEO of Vox. "We believe the Kanmantoo asset provides our investors with exceptional exposure to a royalty that has both strong current production and growth potential in terms of mine life and mill utilization." SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) posted a strong start to 2025, reporting $58.8 million in net income and $84.8 million in operating cash flow for Q1 2025, supported by over 103,000 gold equivalent ounces produced across its global portfolio. "We are well on track for full-year consolidated production and cost guidance, and are positioned to generate strong free cash flows through the remainder of the year," said Rod Antal, Executive Chairman of SSR. "We look forward to advancing optimization and possible expansion opportunities at CC&V through the remainder of 2025." The newly acquired CC&V mine contributed as expected, with further optimization planned for the months ahead. Excluding the suspended Çöpler operation, AISC dropped to $1,749 per ounce, giving SSRM a solid cost base heading into the rest of the year. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Cision Canada
14-05-2025
- Business
- Cision Canada
With Forecasts Hitting $4,000 to $6,000, Gold Mining Sector Sees Renewed Investor Focus
Issued on behalf of Lake Victoria Gold Ltd. VANCOUVER, BC, May 14, 2025 /CNW/ -- After a (very) short honeymoon period that followed the latest US-China trade agreement, the price of gold recovered as quickly as euphoria over the trade deal faded. According to DoubleLine Capital CEO Jeff Gundlach (better known as "Bond King"), ongoing gold price rally isn't over, as the precious metal could climb as high as $4,000 per ounce. Now with the current gold price creating a new normal, gold miners are managed to bridge the discount gap to bullion, and overcome rising production costs. Several miners and developers have been providing updates worthy of extra market attention, including from Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF), AngloGold Ashanti plc (NYSE: AU), G Mining Ventures (TSX: GMIN) (OTCQX: GMINF), and Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF). JPMorgan analysts recently made waves with a bold outlook, suggesting that if just 0.5% of U.S.-held foreign assets shifted into gold, prices could climb as high as $6,000 per ounce by 2029. At the same time, jewelry retailers across the U.S. are reporting a sharp rise in gold buying, showing that retail demand is starting to catch up with Wall Street sentiment. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF), a junior gold developer focused on East Africa, is making steady progress on its near-term development plans in Tanzania. The company has brought in Nesch Mintech Tanzania, a third-party auditor, to support the upcoming commissioning of Nyati Resources' gold processing plant, anticipated to begin in June. This move follows a non-binding Letter of Intent between LVG and Nyati, exploring the potential for a small-scale development partnership. Nesch will evaluate the plant's operational readiness, review projected recovery rates, and identify areas for optimization as Nyati prepares to activate a second processing circuit. "Engaging Nesch Mintech at this stage ensures we bring third-party rigour and transparency to the commissioning process, which is fundamental to assessing the Nyati opportunity," said Marc Cernovitch, President and CEO of Lake Victoria Gold. "We are excited by the potential to leverage existing processing infrastructure and local ore sources to create a scalable gold production platform in Tanzania." Under the proposed partnership, LVG would send mineralized material from its 100%-owned Mining Licences to be processed at Nyati's existing 120 tpd plant and a new 500 tpd facility now nearing completion. This expansion would establish the foundation for a centralized gold processing hub under the proposed joint venture between LVG and Nyati. "This audit is an important milestone as we advance this most compelling near-term gold development opportunity," said Simon Benstead, Executive Director of Lake Victoria Gold. "By combining strategic processing infrastructure with high-potential development targets, the proposed joint venture has the potential to unlock meaningful value for all stakeholders. We look forward to working closely with Nesch Mintech to validate the plant's performance and move confidently toward execution." While this concept remains at an early stage and is not supported by a current mineral resource estimate or Feasibility Study, any potential small-scale development is speculative and subject to key risks, including grade continuity, metallurgy, permitting, and financing. That said, the initiative offers Lake Victoria Gold (LVG) an opportunity to test its geological model directly in the field. If successful, this low-capex approach could generate early cash flow and support ongoing LOI with Nyati follows LVG's previous disclosure that it was evaluating small-scale development at its Tembo Project, located beside Barrick's high-grade Bulyanhulu Mine. Tembo has already seen more than US$28 million in exploration and over 50,000 metres of drilling. Key targets—such as Ngula 1, Nyakagwe Village, and Nyakagwe East—remain open along strike and at depth, highlighting the project's strong upside potential. "Tembo has always stood out as a project with the potential to deliver both near-term value and long-term discovery upside," said Benstead. "Evaluating this small-scale development opportunity allows us to test the system, generate operational insights, and potentially self-fund ongoing exploration." LVG continues to align capital and strategic partnerships as it moves closer to construction. While Tembo offers long-term exploration upside, LVG's Imwelo Project (acquired earlier this year) currently stands as its most advanced asset, backed by a 2021 pre-feasibility study and full permitting. Located near AngloGold Ashanti's (NYSE: AU) Geita Mine, Imwelo is well positioned for streamlined development. To support this, the company signed a non-binding gold prepay term sheet with Monetary Metals in late 2024. The deal offers upfront capital in exchange for a share of future gold production at a discount—providing non-dilutive financing aligned with the project's production schedule. The term sheet outlines access to the value of up to 7,000 ounces of gold, earmarked for construction and development. In February 2025, LVG also secured a C$3.52 million investment tranche from Taifa Group at C$0.22 per share, which was part of a larger C$11.52 million three-tranche financing. As part of the deal, former Taifa CEO Richard Reynolds joined the company's board. Additional upside remains through a US$45 million milestone-based agreement with Barrick tied to future success at Tembo. With commissioning audits underway, a potential joint venture in due diligence, and a growing financial runway, Lake Victoria Gold is steadily positioning itself as a leading junior developer in East Africa. In other industry developments and happenings in the market include: K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF) delivered record Q1 2025 results, reporting its highest-ever revenue, net income, cash flow, and EBITDA, driven by strong gold grades and favorable recoveries. The company produced 47,817 ounces of gold equivalent at an all-in sustaining cost of $1,010 per ounce and ended the quarter with a record net cash position of $123 million. Construction on its Stage 3 expansion plant is nearing completion, with commissioning expected in Q2, while exploration ramped up at Arakompa with several high-grade intercepts. " K92 has delivered a strong start to 2025, continuing the positive momentum from the second half of 2024, with robust operational and financial results across the board," said John Lewins, CEO and Director of K92. "Q1 marked our second-highest production quarter. Combined with the record gold price environment, it resulted in record revenue, net income, EBITDA, and operating cash flow." AngloGold Ashanti plc (NYSE: AU) also reported a powerful first quarter in 2025, with gold production rising 22% year over year and free cash flow surging 607% to $403 million. Headline earnings jumped 671% to $447 million, driven by stronger gold prices, the integration of the Sukari mine, and improved performance at key operations like Siguiri and Tropicana. "This is a very strong start to the year, particularly at our managed operations," said Alberto Calderon, CEO of AngloGold Ashanti. "We've seen strong growth in production with the addition of Sukari and our cost control efforts continue to offset inflation, which has ensured that we capture the benefit of the higher gold price." G Mining Ventures (TSX: GMIN) (OTCQX: GMINF) recently released a robust feasibility study for its high-grade Oko West Gold Project in Guyana, outlining a 12.3-year mine life with average annual production of 350,000 ounces at an all-in sustaining cost (AISC) of $1,123 per ounce. At a base case gold price of $2,500 per ounce, the project delivers an after-tax NPV5% of $2.2 billion and an IRR of 27%, with payback in just under three years. Early construction is already underway following the receipt of an interim environmental permit, with a final construction decision expected in the second half of 2025. "The Oko West Feasibility Study marks a major milestone in realizing the value of what we consider one of the world's most exciting undeveloped gold projects," said Louis-Pierre Gignac, President and CEO of G Mining. "It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure." Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) recently made multiple new high-grade ore shoot discoveries at its Tahuehueto gold-silver mine in Durango, Mexico, following results from nine new underground drill holes. Highlights include intercepts of 9.4 meters grading 5.21 g/t gold equivalent and 4.8 meters at 5.62 g/t AuEq, confirming new mineralized zones near existing mine workings. "The discovery of multiple new high-grade ore shoots so quickly into this new exploration program confirms the robust nature of the Tahuehueto epithermal vein system and the potential to add immediate value to this asset," said Paul D. Gray, VP Exploration of Luca. "The fact that the current drilling program has consistently intersected well-mineralized veins in previously untested areas also confirms the Company's exploration approach and moreover speaks to the larger potential of the Tahuehueto mineralized system." The results are expected to expand near-term resources and inform updated mine plans, with a second 5,000-meter drilling phase and surface exploration at the Santiago Deposit now underway. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for media corp, who has been paid a fee for an advertising from a shareholder of the Company (333,333 unrestricted shares). MIQ has not been paid a fee for Lake Victoria Gold Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Media Corp. ("BAY") There may also be 3rd parties who may have shares of Lake Victoria Gold Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Lake Victoria Gold Ltd and reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Lake Victoria Gold Ltd. Technical information relating to Lake Victoria Gold Ltd. has been reviewed and approved by David Scott, Pr. Sci. Nat., a Qualified Person as defined by National Instrument 43-101. Mr. Scott is a registered member of the South African Council for Natural Scientific Professions (SACNASP) and is a Director of Lake Victoria Gold Ltd., and therefore is not independent of the Company; this is a paid advertisement, we currently own shares of Lake Victoria Gold Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Yahoo
10-05-2025
- Business
- Yahoo
Why Bond King Jeff Gundlach says record-setting gold is poised for another 20% rally
Gold prices could rally another 20% even after a recent string of records, Jeff Gundlach says. That's because investors are finally treating gold like a true asset class rather than a safe haven. The price of bullion is up 25% year-to-date. Gold's record-setting rally isn't close to being over, according to "Bond King" Jeff Gundlach. The DoubleLine Capital CEO predicted that the price of the precious metal could climb as high as $4,000 per ounce, a gain of 20% from Friday afternoon's price of around $3,345. Speaking to CNBC this week, Gundlach said tariff-related volatility is fundamentally changing the way traders view the precious metal, pointing to its 25% rally year-to-date. "I think that's telling us that we're in a regime where gold is no longer a speculation for short-term traders, or for survivalists as a long-term hold. I think people are viewing gold as an asset class out of fear of the turmoil that's going on geopolitically, with the tariffs and everything else, and just the amount of debt that exists, that people wonder how we're going to deal with this. So gold is sort of the true monetary asset," Gundlach said. The global market for physically-backed gold ETFs swelled by $11 billion in April to $397 billion, according to data from the World Gold Council. Meanwhile, 58% of global fund managers in a recent Bank of America survey said they believed gold was the safest asset in a full-blown trade war. Gundlach added that he believes the backdrop for other risk assets, like stocks, is challenging at the moment. He doubled down on his forecast that stocks could see a "breakdown" in the near term, potentially taking the S&P 500 as low as 4,500. That would imply a 20% drop from current levels. "I feel like we're in a risk-off market on an intermediate term basis," he said. Other forecasters have issued bullish calls on gold in recent months, citing uncertainty stemming from Trump's trade policy. Goldman Sachs lifted its price target for the precious metal last month to $3,700 an ounce, pointing to high levels of policy uncertainty and a potential slowing of the US economy. UBS and Bank of America have also issued $3,500 price targets on gold, implying 4% upside from current levels. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
09-05-2025
- Business
- Business Insider
Why Bond King Jeff Gundlach says record-setting gold is poised for another 20% rally
Gold's record-setting rally isn't close to being over, according to "Bond King" Jeff Gundlach. The DoubleLine Capital CEO predicted that the price of the precious metal could climb as high as $4,000 per ounce, a gain of 20% from Friday afternoon's price of around $3,345. Speaking to CNBC this week, Gundlach said tariff-related volatility is fundamentally changing the way traders view the precious metal, pointing to its 25% rally year-to-date. "I think that's telling us that we're in a regime where gold is no longer a speculation for short-term traders, or for survivalists as a long-term hold. I think people are viewing gold as an asset class out of fear of the turmoil that's going on geopolitically, with the tariffs and everything else, and just the amount of debt that exists, that people wonder how we're going to deal with this. So gold is sort of the true monetary asset," Gundlach said. The global market for physically-backed gold ETFs swelled by $11 billion in April to $397 billion, according to data from the World Gold Council. Meanwhile, 58% of global fund managers in a recent Bank of America survey said they believed gold was the safest asset in a full-blown trade war. Gundlach added that he believes the backdrop for other risk assets, like stocks, is challenging at the moment. He doubled down on his forecast that stocks could see a "breakdown" in the near term, potentially taking the S&P 500 as low as 4,500. That would imply a 20% drop from current levels. "I feel like we're in a risk-off market on an intermediate term basis," he said. Other forecasters have issued bullish calls on gold in recent months, citing uncertainty stemming from Trump's trade policy. Goldman Sachs lifted its price target for the precious metal last month to $3,700 an ounce, pointing to high levels of policy uncertainty and a potential slowing of the US economy. UBS and Bank of America have also issued $3,500 price targets on gold, implying 4% upside from current levels.
