RE:Cibc
The slow steady pace of real inflation is what has & will continue to push gold higher in USD. The big buyers, central banks, have paused, & some are even selling. That puts a temporary depression on POG. In the long run, gold must go higher, due to dollar devaluation. Government inflation, the imaginary inflation, is 0-1.5%. Real inflation is anywhere from 3.2-6%, every year, year after year. Short term investors can speculate about the average POG in 2021, will it be $1700 or $2300? Speculators in gold stocks likewise are keen to predict the 3-12 month POG. For investors, those of us investing in gold miners not speculating, we know that POG only inflates, as all fiat currencies are being devalued. Investors in gold miners dont need an exact prediction of POG, miners are making stax of money whether it is $1700 or $2300. The choice for most is which gold miners we buy & hold, not in trying to hit the POG with darts.