The main ingredients for higher prices for Gold and Gold shares...

The main ingredients for higher prices for Gold and Gold shares are:

. Low interest rates , both the cash rate and long term Bond yields
. Low carrying cost for holding Bullion --
. Money printing/stimulus packages by all major economies , and expectation of rising inflation
. Weaker US$ Index ( DXY -- which contains six component currencies-- Euro, Japanese Yen, British Pound, Canadian $ , Swedish Kroner and Swiss Franc )
. Sentiment

In the same order :

. Interest rates are low ( the cash rate is almost zero and is expected to remain static for several more years in order to combat
headwinds to world economic growth caused by COVID. Long dated Bond yields have risen over recent months due to a sell off of
Bonds however they still remain very low when compared to historical levels, i.e. the US 10 year Treasury rate is currently at 1.56% which is very low. The US Fed Chair Powell has recently reiterated that they would buy Bonds to keep yields low . He has not given and indication of what that high level would be but I suspect 2.50% is likely to see that as the ceiling over the next several years , which is still very low.
. With current low and continuing low interest rates the carrying cost for buying and holding gold bullion is very low and missing out on potential better income or capital gains elsewhere is not a major consideration.
. Money printing and stimulus packages for assisting the unemployed (from COVID effects) and to create employment by way of infrastructure spend will underwrite stronger economic growth and will ensure inflation to rise . Historically when inflation has risen to very high levels ( around 10% in late 70's/early 80's) during which time Gold rose between 5 to 8 bags. Typically interest rates and exchange rates react very quickly to economic data , trade flows and speculative trading whereas inflation will rise slowly and steadily.
The inflation flame has recently been lit and it will go higher -- no risk.
. The US$ Index (DXY) has been on a long term downtrend and recently corrected back up to 93.50 from a low of 89.50. However the long term down trend has resumed and currently trading around 91.00 . When 89.50 is taken out the next low target is 80 and the US increasing debt from $21 Trillion to currently around $28 Trillion will continue to place downward pressure on the US$ Index in the foreseeable future.
. Gold sentiment remains bullish with a double bottom having formed during March '21 and for all the above facts it should continue its upward trajectory alongside inflation .
Another positive factor for Gold will be money flowing out of Cryptos as authorities worldwide introduce some form of controls to ensure that the real economy is not destabilized by "hot" money and potential tax avoidance ??

In summary Gold and Gold shares are due for a rerating and NOVA , as a standalone business , is well on the way to proving up a mammoth resource and I see both moving up in tandem progressively over the next 2 to 5 years with bouts of volume buying along the way.
INVESTORS with patience will be well rewarded.

AIMHO
DYOR