Introduction
We have been for some time bullish on the precious metals complex, especially gold, reflecting our expectations for an increasingly friendly macro backdrop, namely a weaker dollar and lower US real rates, principally because the US business cycle is approaching its end (See: Gold Weekly: Demand Driven By Late U.S. Cycle Concerns, February 28, 2019).
As our readers know, we believe that the World Gold Shares SPDR Gold Minishares Trust ETF (GLDM) is the best pure-play ETF to assert upside exposure to spot gold prices.
GLDM is directly impacted by the