Gold and gold mining shares appear to be as contrarian today as in 1999, before a decade‐plus run in which bullion rose nearly seven‐fold in US dollar terms. For those who are concerned that the financial markets are overvalued, we believe that gold offers an out‐of‐favor investment strategy with asymmetric and dynamic potential. For those who see the US dollar as an overcrowded trade, gold could represent a sensible hedge against a reversal. And for those who view the practice of extreme monetary policies by world central bankers as unsustainable and laden with potential adversity, meaningful exposure to gold would now seem to be imperative.