The fundamentals of gold remain strong; inflation should outpace interest rates and global debt remains high. I think gold will find a floor at some stage, and when it begins to move up again it could be quite aggressive. Key catalysts will be ‘the three I’s: Inflation, interest rates, and Indian politics. Market sentiment following the U.S. election switched from the interest rates staying ‘lower for longer’ story to the current mindset of interest rates starting to move up. Six months ago, we were under the assumption that reflation was going to be very difficult to achieve, we've elected someone in the U.S. on a populist ticket, and suddenly it seems a lot easier. I don't think the outlook for interest rates has changed as much as the market seems to think. I'm watching inflation figures very carefully to see what they’ll mean for interest rates in the U.S. and globally.