Gold is a Strategic Asset
With Unparalleled
Performance Advantages

GOLD AS AN INVESTMENT

Gold has outperformed many key asset classes over a number of periods.

Gold has outperformed the generic commodity basket into which it is placed.

A market that offers significant liquidity.

Well positioned in a period of low interest rates and political, economic and social uncertainty.

Experiences less volatility than many markets.

Offers a unique correlation with the broader equity market in different return scenarios.

Investor Presentation

Gold is a
Strategic Asset

AVERAGE DAILY TRADING
VOLUME IN US$

20 YEAR ANNUAL RETURNS:
GOLD VS. BROAD BASED COMMODITY

20 YEAR CAGR
AS OF DECEMBER 31, 2019

Unique Performance
Advantages

VOLATILITY OF GOLD, STOCK
INDICES AND STOCKS

GOLD PRICE VS.
NEGATIVE YEILDING DEBT

CORRELATION: GOLD VS.
US STOCK RETURNS

Source: World Gold Council “The relevance of gold as a strategic asset” February 2020

Royalty &
Stream Financing
is Significant

Stream and royalty financing has become a mainstream source of capital to the global mining industry.

use of proceeds by
all Industry Participants

TOTal stream investments
by all companies

Streaming Throughout the Cycle

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