**Must Read: This Started The Miner Rally

Founders First

Housekeeping: Sunday Founders

***No meeting today**

Need to re-read this thoroughly. But will have a COT comment later today after i look for some CTA data

Apologies. lots to do on this report

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Contents:

1. Executive Summary: Reasons to own Gold

   1. Structural Reasons

   2. Macro Reasons

   3. Flow/mechanical Reasons

   4. Fundamental Reasons

2. The Reasons

   1. Central bank Buying.

   2. Unsustainable US Deficit

   3. China QE Soon

   4. Bitcoin is Not Gold 2.0

   5. Inflation Targets Will Be Raised

   6. Macro Correlations Return Bullishly

   7. The Dollar Sells Off

3. The Other Reasons

   1. Geopolitical risk

   2. Bullion 40% below ATH

   3. Mining Fundamentals

   4. Spec Longs not as High as They Look. (includes trade idea)

4. What to Buy

   1. Anglogold Ashanti, Barrick Gold, Centamin, Endeavour Mining, Evolution Mining.

5. PDF

Intro:

How good is this report? Very good. Does it mean we are at the top? Always a risk. After a few more banks put out their own recomendations, most likely yes in the short/medium term.

But this report is a complete structural change in how banks are looking at metals now. Frankly, This is why investors chased NEM after earnings last week.

UBS did not recommend NEM. But the earnings beat made everyone who was bidding underneath buy it in a rush… possibly some shorts covered as well