HANetf's Harry Halewood: Gold's rebound makes miners a 'leveraged play on gold conviction'

HANetf product specialist for the Gold Miners Screened UCITS ETF (LSE:ESGO) Harry Halewood, spoke with Proactive's Stephen Gunnion about gold's recent rebound, the macro forces behind it, and what a sustained recovery could mean for miners. Gold fell sharply after hitting all-time highs in January, then jumped 8-9% over the past week or so. Halewood pointed to events in the Middle East, shifting investor positioning and changing expectations around US monetary policy as key drivers. US data has also played a role. A softer-than-expected jobs report and a neutral CPI reading eased fears of an imminent Fed rate hike — supportive for gold, given it's a non-yielding asset. Halewood explained why miners differ from holding gold itself, calling them a "leveraged play on gold conviction": since returns hinge on the gap between the gold price and all-in sustaining costs, price gains can produce outsized swings in margins. Looking ahead, he said miners have kept strong cash flows despite price and cost uncertainty, adding: "If we see this price run continue upwards, there's a clear incentive for these gold miners to pump that cash flow into growing output and increasing efficiency." Visit Proactive's YouTube channel for more interviews and market insights. If you found this video useful, give it a like, subscribe to the channel and enable notifications for future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #Gold #GoldPrice #GoldMiners #GoldInvesting #GoldMarket #PreciousMetals #MiningStocks #GoldStocks #Investing #Commodities #FederalReserve #InterestRates #Inflation #USEconomy #HANetf