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0:00 spk_0
You’ve been watching this blistering run, John, in gold. I’m, I’m just curious what you make of it, John. What are the tailwinds and are they sustainable?
0:10 spk_1
You know, what we’re in is a, a multi-year run in the gold market. Um, frankly, it’s been going up for 10 consecutive years, not as dramatically as it did in 2024, but if you go back to, uh, 2015, for example, the gold price was hovering around $1100 an ounce. And, uh, we, we were aggressively acquiring at that point between 2015 and 201717.We did 3 back to back acquisitions, and that’s worked out very, very well for us, and, you know, with the, um, with the further run in the gold price, you can just imagine the effect that’s having on uh on cash flows for all the producers in the sector, and uh those cash flows we’re using to fund our growth, and that’s, uh, that’s just an excellent timing on our, on our part and,And yeah, all the gold producers are enjoying this run for
1:02 spk_0
sure. You know, John, one argument I’ve heard is a lot of the running gold, so the argument goes, can be chalked up to this, that the EU’s decision to freeze Russian central bank assets. And so other central bankers around the world said, OK, we better own something that can’t be taken from us. And I’m just curious what you make of that.
1:25 spk_1
There’s a lot of truth in that. I, I think it doesn’t, uh, essentially uh explain everything, but it certainly explains why, uh, countries like, uh, like China and uh all the countries that trade with China, Russia and countries that trade with Russia, why they’ve been accumulating gold and, um,You know, it has also to do with the, with the heightened political risk in the world, it has, it has a lot to do with the economic uncertainty created by the um this new American administration that er um basically has been very aggressive with the tariff policies and so forth. There’s a whole raft of er, of reasons why, er gold has been um sought after by investors and frankly,Um, investors are only coming to the table now. I mean, it’s mostly been central bank buying as you pointed out. Um, but, but investors are coming to the party now, and I think that’s why gold has a long way to go yet.