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Precious Metals Summit 2018: Portfolio managers weigh-in on the future of gold

Precious Metals Summit Conferences wrapped up its annual three-day event in fine form this year in Beaver Creek, Colorado.

The eighth consecutive Summit ran from Sept. 20 to Sept. 22. Temperatures rose to a high of 17 degrees Celsius, as is typical in the region that time of year, and the sun shone across a cloudless sky.

“This is a good time to come visit because it’s our most colourful season,” my cab driver, Rhonda, told me during the 30-minute drive from Eagle County Airport to Beaver Creek. She gestured to Colorado’s surrounding Rocky Mountains, streaked with red, orange and green.

More than 150 precious metals companies attended this year’s Precious Metals Summit, with a generally positive sentiment about the future of gold and silver, despite low spot prices of US$1,200.90 per oz. gold and US$14.50 per oz. silver.

“Our expectation is that in 2019 we’re going to see a much more constructive gold market,” Tocqueville Asset Management portfolio manager Doug Groh tells The Northern Miner from a conference room at the Summit. We sit in a white tent; a chairlift dangles above the green hills behind us.

Tocqueville manages about US$1.5 billion dedicated to the gold mining sector. The company is invested in the gold mining space mostly for exposure to gold equities and gold bullion. It thinks monetary policies around the world become dysfunctional over time, to which gold provides an excellent hedge.

“In particular we found that gold is a good non-correlated asset to an overall portfolio,” Groh says. “When other investments may be doing well, gold may not be doing well, but when investments other than gold are doing poorly, gold often does quite well to offset that poor performance from other sectors.”

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