Lawrence Lepard, founder of Equity Management Associates, on why gold companies have performed poorly

- Margin compression is to blame for why gold companies have performed poorly relative to the gold price, said Lawrence Lepard, founder of Equity Management Associates

The five-year projected gold price is about $200 lower than currently, but all-in-sustaining costs have been inflating annually at double digits. Lepard disagrees with the $1,700 forecast and expects gold to reach between $3,000 and $10,000 an ounce. He believes the market has bottomed and that gold company valuations can only get better.that a lot of people have missed, and to me, it's an incredibly big signal that here we have the Federal Reserve has shoved the cost of money up 500-plus basis points, and yet the price of gold is within spitting distance of an all-time high.

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