“I’ve been in the gold business for 35 years. It goes up and it goes down. But it always goes back up,” he says.

If Telfer is right, he stands to repeat the success he had 15 years ago when he doubled down while gold was languishing at $300 an ounce.

“Right now,” Telfer adds, “we think $1,300 gold is something that you could depend on going forward.”