The short term picture for gold will all be about risk off I'm imagining. Had a quick look at the 2008/2009 gold chart and was very similar then. If history repeats there is every possiblity that gold could retract back to 1500/Oz. In 2008/2009 after an initial run it did go close to where it started... But after gold went on an almighty run and despite not stay at the peaks it never went back to a pre-2008 price.
The macro environment for gold is stronger now then it was then. At present the focus is all about "risk off"... As soon as the conversation changes to the Fed balance sheet then the potential for gold is significant. It's why I prefer gold to oil at the moment. Oil carries the risk of full tanks and opec spare capacity with more volatility in the medium term (how long can opec countries bleed before they have to open the taps). The path for gold looks a lot better.
GOR has really maximised the opportunity that covid has presented. Its paid down debt and has a very healthy balance sheet. A lot of the upside will be driven by near term exploration success but based on current production along and the potential run that gold may have I think it presents great value.
For those interested:
https://www.macrotrends.net/1486/fed-balance-sheet-vs-gold-price
GOR charts, page-118
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