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Jenna Dagenhart: Hello, and welcome to Asset TV. Joining me now with his midyear outlook is Joe Foster, Gold Strategy Portfolio Manager at VanEck. Joe, what's been driving gold's performance? How have we gotten to $1,800 an ounce?
Joe Foster: Well, it started last year in 2019. The [Federal Reserve (Fed)] cut rates, and that was a bit of a surprise to most market watchers. And what that did is it caused obviously rates to fall, and for gold, rates turned negative in real terms. So, when you adjust for inflation, in real