Gold feels toppy but I believe it's got more legs. Gold held by mainstream investors in the western countries is less than 1% of portfolio exposure on average. Traditionally this should be around 10%.
Even more convenient gold ETF's have been leaving many portfolios in droves towards that less than 1% average holding.
We only need gold holdings to revert back to the mean and this run will turn into FOMO pushing the price even higher than stated in that chart.
March quarter predictions, page-21
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