Peter Berezin

Speaker states central banks are looking to diversify dollar holdings "towards other currencies... I would include gold in that list and that's fundamentally supportive for gold prices." Also notes gold "probably will start to do well over the coming months and probably years." Long-term structural headwinds for the USD and diversification demand are fundamental supports. The recent correction is attributed to transient factors (retail froth, higher rates). The long-term fundamental picture for gold is positive, suggesting a LONG bias. A rapid resolution to geopolitical tensions and a significant, sustained drop in oil prices could reduce diversification urgency and strengthen the dollar, pressuring gold.