Some people might think that sounds a bit pessimistic. But I think many would see the market's ability to sustain prices comfortably above $500 as something of an achievement. And we're not ruling out further, possibly hefty, gains later in the year.

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Some people might think that sounds a bit pessimistic given that much of January has been in the $530s and $540s. But, I think many would see the market's ability to sustain prices comfortably above $500/oz as something of an achievement. And we're not ruling out further, possibly hefty, gains later in the year.

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This is not a rally being driven by fundamentals. In essence, it's being driven by the weight of money that's coming into the market. I think that flow will not cease or reverse. It'll probably increase.

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