December 2, 2020

Sprott gold market outlook

Sprott Gold Market Outlook

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Report overview:

Support Remains in Place for the Gold Bull Market to Continue

• Gold has established a new trading range beyond the last decade’s average price

• Gold prices have reached new levels in multiple currencies

• Demand for physical gold has accelerated since equity markets peaked in February

• Investors shunning Treasuries for more exposure to precious metals

Impact of COVID-19 on Gold Miners

• Global gold mining activity has slowed from suspension mandates

• Delayed production could push 3-5% of 2020 output into 2021

• Unit operating costs for gold mined in 2020 likely to rise 2-5%

• Oil prices and currencies partially offset rising costs

• Reduced exploration activity threatens long-term supply

• March market dislocations and COVID-19 impact forces managements to re-focus on strategic vision

Alpina Funds Activities