Nicky Shiels

We have upped our forecast. $6,000 target is the high price for this year... at 39 months, we still have another 9 months to go in the cycle. Generalist investors and 60/40 portfolios are currently under-allocated to gold. As inflation fears rise and traditional safe havens shrink, sidelined capital will rotate into gold ETFs, driving the next leg up in the cycle. LONG. The combination of fiat debasement, central bank buying, and geopolitical floors makes gold a premier monetary asset with significant upside remaining. Major geopolitical de-escalation, a massive US dollar breakout, or central banks pivoting to monetize and sell their gold reserves.

The big structural driver for PGMs is absolutely the supply constraints... the capex and expansion into that space has been ignored for the past 10 years. Platinum is trading at a historical discount to gold. With zero new growth assets coming online and a diversified demand profile across investment, jewelry, and industrial sectors, the persistent structural deficit will force a price re-rating to catch up with the broader precious metals complex. LONG. The fundamental supply and demand mismatch provides a strong bullish setup for platinum to close its historical valuation gap with gold. It is a very small, illiquid market (1/50th the size of gold), meaning any macroeconomic demand shock or broad industrial slowdown could cause outsized downside volatility.