To conclude, we believe that 2018 will mark a significant turn in the financial markets, which will be adverse for conventional, consensus-based investment strategies and quite positive for gold and other safe-haven assets. It is quite likely, in our view, that a new up-cycle for gold could register new highs for the metal price (up at least 50%) and gains of 100% or more for many precious-metals mining shares. In a financial world that has been no table for disruptive change, there remains one constant: human nature and the resulting inevitable ebb and flow of greed and fear. Gold, a proven antidote to systemic risk, is in our view likely to return to favor.