Gillian Kemmerer: Welcome to the broadcast, I'm Gillian Kemmerer. The VanEck gold strategy is turning 50 this year. In light of this tremendous milestone, Portfolio Manager Joe Foster is here to share his outlook for both the commodity itself and the corresponding equities. Thanks so much for joining us, and congratulations on the milestone.
Joe Foster: Yes, thank you.
Kemmerer: Let's start broadly: what is your macroeconomic outlook for 2018, and where does gold fit in?
Foster: We believe that we're in a late-cycle economy. When you look at the stock markets, stock valuations are