The 18% Annual Average Price Appreciation for Gold in 2019

The long-term annual average price appreciation for gold in the 50 years that I've been looking at it has been around 7.75%. So we were way ahead of the game in 2019 and 2020. The big headwind for gold last year was the extraordinary strength of the dollar against just about every other currency. If that extraordinary dollar strength is over, if other currencies are going to revert to their means and therefore move up against the dollar then I think gold will move up in line with those other currencies. And that's really the scenario that I'm looking for for the rest of this year.