Gold has held a place in clients portfolio and it’s allocation has needed to be adjusted basis the macro environment one is in. Today, the enthusiasm stems from its strong performance versus equities, though we see this as short-term and price driven. Structurally, the outlook remains positive supported by a weaker dollar and continued central bank buying. However, speculative activity, such as steep premiums through ETFs, could trigger near-term volatility. Here, a 10–12% correction wouldn’t surprise us. Over the next three years, we stay constructive on metals more broadly, especially those linked to industrial and capex cycles.