In an interview, Day explained that the mood for the yellow metal right now is as bad as it can be - but that, on the other hand, is good news for the counterargument.
In his opinion, there is no doubt that the current circumstances have created an opportunity to buy gold and gold shares. He believes that the price reversal will happen "very soon." In his opinion, it is very important to take a position in the precious metal before this happens. “The shares of gold mining companies are incredibly cheap - this is a big plus to enter the gold market right now. You don't have to hold your nose and buy something expensive, you are buying some of the best quality gold mining companies at the lowest prices in the last 20 years,” Day said.
However, at the moment, the gold industry is waiting for the US Federal Reserve to win back all its tools of influence. “If the macroeconomic environment changes - if people realize that the Fed is going to cause a sharp recession and in doing so does not bring inflation down to a modest level, then we will see stagflation. People will ask themselves, "What should I buy in stagflation?" And gold is the obvious answer. Therefore, I think that the move into gold by investors will be quite dramatic if it comes to that.”