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Consequently, gold prices will again depend on whether the four pillars of the original bull market persist:
(i) decline in producer hedging (and potentially de-hedging as a positive demand factor);
(ii) the decline of DM central bank sales and rise of EM central bank purchases;
(iii) the inability of gold mining companies to increase gold supplies materially; and
(iv) long-term growth in physical investment demand.
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