Gold Investing: New Year, Same Risks Drive Gold / Emerging Markets Equity Vaccines and Growth Drive 2021 Recovery

Gold Support Holds In December

The Thanksgiving holiday attempt by short speculators to drive gold prices below the technically important $1,800 per ounce level failed, as gold rebounded to $1,815/oz on 1 December and gained $121.41 (6.8%) to end the month at $1,898.36/oz. Gold stocks also had strong moves with gains of 4.57% for the NYSE Gold Miners Index (GDMNTR)¹ and 10.76% for the MVIS Global Junior Miners Index (MVGDXJTR)².
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Emerging Markets Equity

During the fourth quarter, our base case for emerging markets (EM) was the following: we saw favorable economics, questionable politics and an exciting digital disruption theme that swept across emerging markets countries around the world.
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^{1NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold.
2MVIS Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified market capitalization-weighted, float-adjusted index comprised of a global universe of publicly traded small- and medium-capitalization companies that generate at least 50% of their revenues from gold and/or silver mining, hold real property that has the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver.}