Gold Mining Industry Trends - Gold mining companies are reviewing projects previously shelved due to lower prices, now potentially viable with rising prices [2] - Companies are prioritizing rewarding investors with dividends after a period of low returns for gold equity shareholders [3] - Share buybacks are emerging as a trend, raising concerns about capital allocation after significant share price increases, with some advocating for higher dividend yields instead [4][5] Gold Price Drivers - A growing investor base recognizes the declining purchasing power of paper currencies, driving investment in gold [7] - Low bond yields and expansion of government balance sheets contribute to the appeal of gold as a store of value [8] - Central banks are increasing gold reserves, diversifying away from the dollar, supporting gold prices [11] Investment Strategy - Tactical allocation to gold in multi-asset portfolios has benefited investors in recent years [10] - Continued trends of currency devaluation and central bank gold accumulation are expected to provide tailwinds for gold prices and equities [11]