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From: Jacob Snyder	8/1/2022 11:03:13 AM
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GOLD: Gold has been in a $1675-2000 channel since 4/2020. The cost of production is $1000-1100/ounce and rising, placing a floor under price. The Fed incorrectly says interest rates are now neutral. They cannot let interest rates get above 4%, given the size of the federal debt, and Fed balance sheet. So real interest rates will stay negative, which is bullish for gold. Inflation is not going to decline to the Fed’s 2% target without much higher interest rates, and/or a recession. schrts.co Barrick: Net cash now $743m, so forward yield = (0.2 X 4)/15.75 = 5.1%

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