Gold and Gold Mining Equities: Why Now

For a Maison of Finance, sharing an analysis of gold is not a casual gesture. It is neither a market commentary nor a price projection. It is a conviction about the deep structure of the monetary world — and what that structure implies for wealth built over time.

Our role as a wealth orchestrator requires us to look beyond cycles. Gold is one of the rare asset classes whose logic holds across economic regimes, geopolitical recompositions, and shifts in monetary paradigm. To exclude it from the analytical framework would be a gap. To reduce it to a conjunctural opinion would be another.

What Laurent Runacher, co Chief Investment Officer at Côme, develops in this note is a framework — not a forecast. A framework that articulates three convictions: that the dollar’s role as the world’s reserve currency is in structural retreat; that this retreat creates conditions favourable to gold over a long horizon; and that gold mining equities today carry valuations that institutional finance’s biases have allowed to accumulate.

These convictions do not stand apart from our reading of the world. They sit within a broader vision: a geopolitical recomposition of energy, a technology-driven disinflation, a rebalancing of global reserves that is unfolding slowly, methodically, at the margin of media visibility.

Côme shares this analysis because it illustrates what we mean by investment conviction: a structured reading of deep forces, built to hold over time, and robust enough to guide an allocation — not to justify a transaction.

The full note is available for download below. It sets out the analytical framework, the data that supports it, and the scenarios that could cause it to evolve.

Download the full note

Gold and Gold Mining Equities — Perspectives Note (PDF)

This perspectives note does not constitute investment advice within the meaning of applicable financial regulations. All investment in financial assets involves a risk of capital loss.