Ann: AGM Presentation 2016-ARD.AX, page-19

I personally don't see Trump following through with half the crazy things he has flagged but either way the fundamentals on PMs remain strong:

• European banks still in strife, particularly DB - if the derivatives blow up, they are too big to save
• Concern about loose monetary policy globally and the inevitable flow through to inflation
• Russia/US/China conflict spilling over (though probably not as risky under trump as it would have been under clinton)
• Fundamental supply/demand for physical, including demand surge from Shariah Gold
• Rise of nationalist/populist politics globally (damaging for trade and growth, good for defensive PMs)
• Inflation at the early stages of picking up in US, China, UK etc

ARD the slow burner here but will heat up if they hit the VMS mother load