Talk of a collapse in the gold price is overblown (or at least out of date). The price of gold has arguably held up rather better in recent weeks than many might have anticipated, given the general strength of the dollar. One possible catalyst for a near-term rebound would be a “yes” vote in the Swiss referendum on the SNB’s gold holdings at the end of this month. But we continue to expect silver to outperform gold during any recovery for the two precious metals – potentially by a very large margin.
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