Ann: Webinar Investor Presentation, page-79

https://www.goldmoney.com/research/goldmoney-insights/the-new-cycle-accelerates

Extract

On net, we think we are still in the beginning of the current gold price cycle. While there remain some near-term risk from a spike in nominal rates (potentially triggered by a sharp correction in equity markets), we think central banks are ready to step in and act quickly, limiting the upside to nominal rates. The medium-term outlook for real-interest rate expectations and QE is very positive for gold in our view, and long-dated energy prices present some further upside risk.

Should real-interest rates fall to a similar extent as they have historically in the aftermath of a recession, that alone would push gold prices to around $2600-3100. Such a move over the entire gold price cycle would be in line with the 2008-2011 move of around 270% from bottom to top. Importantly, this scenario would still not assume a sharp pick up of inflation.