We have made material changes to our gold price assumptions reflecting what we view as a secular price move over the past quarter. Investors and Central Banks, including China, have continued to add to their holdings with gold now accounting for a greater percentage of global reserves than the Euro. We mark our Q4 gold price to market at US$4,100/oz (prev. US$3,500/oz) and move our 2025 expectation from US$3,274/oz to US$3,424/oz. We have lifted our 2026 price by 25% to US$4,050/oz and 2027 by 1 ....
