Numerous industry participants are calling for $2,000/oz next year, with some offering even more bullish predictions. The price remains highly leveraged to investor sentiment, but in the near-term, macroeconomic headwinds coupled with geopolitical tensions continue to be supportive for gold. Miners, however, remain adamant that in the face of pervading optimism they will not get caught up in gold’s luster. How long then until elevated prices are incorporated into long-term price assumptions? Adjusting the price at which reserves are deemed economic has proven costly in the past but resource conversion will be vital in averting a decline in gold supply.