KEY TAKEAWAYS 

▪ The valuations of gold mining companies appear justified and do not seem overvalued relative to the gold price.

▪ Investment demand, central banks, the decline of the US dollar, the cycle of rate cuts initiated by the Fed, and US debt are all factors favouring gold. 

▪ In this environment, we have increased our exposure to companies sensitive to the gold price and maintained our diversification in the copper and silver sectors, a factor that sets our fund apart. 

We invite you to review our report and outlook regarding CM-AM Global Gold!