Why this portfolio manager sees gold making a comeback — and it’s not just megamerger mania

David MacNicol has always described himself as a contrarian, so while investors have been exiting gold en masse for years, the natural reaction for him was to stay put.

Now the president and portfolio manager of Toronto-based investment firm MacNicol & Associates believes things are turning back in the yellow metal’s favour.

“We think we’re at the end of a cycle and at a turning point for gold and it has everything to do with interest rates and debt levels,” said MacNicol, who thinks...

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