Matthew Miller, CFA, maintains a bullish outlook on gold despite March’s 19% sell-off, attributing it to forced selling rather than weak fundamentals. He cites five structural supports:
- aggressive central bank buying (860+ tons in 2025)
- elevated geopolitical risks
- persistent inflation and massive fiscal deficits
- portfolio diversification benefits
- supportive macroeconomic conditions, including the Fed's late-2025 return to Treasury purchases
With gold near $5,000 and production costs at $1,400-$1,700 per ounce, miners are generating historic 60%-70% margins, leading CFRA Research to upgrade all gold mining stocks to Buy or Strong Buy.