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It’s a shame really that when there is so much more interesting to talk about – renewable energy, commercial blockchain, freshwater management, motion/AI, crop-base agribusiness, etc. – that I am writing about gold. However, one must be realistic and go where alpha is indicated. I claim no clairvoyance just some understanding of the strength of oligopolists, the power of in-market M&A’s, and the mess we’ve made of monetary, fiscal, and geopolitical management. Beyond that, for better or for worse, I believe we contributors have a duty to periodically report our results against comparable benchmarks.