In our September report, we suggested short-term developments in gold markets often distract investors from more relevant long-term fundamentals, providing attractive entry points for the nimble-footed. On October 4, we believe just such an investment opportunity materialized in the gold complex. The spot gold price declined $44.28 on the day (3.4%), and 5% for the week (largest weekly decline since September 2013). As is always the case when gold corrects, financial media were instantly replete with naysayers forecasting the end of gold’s 2016 advance. In recent days, various investment banks have rushed to reduce their price forecasts toward the $1,050-to-$1,100 range. With all due respect to these market participants, we would suggest absolutely nothing of substance has changed in gold’s medium- and long-term investment fundamentals.