Gold stocks outperformed gold, with the NYSE Arca Gold Miners Index 1 (GDMNTR) gaining 0.4% and the MVIS Global Junior Gold Miners Index 2 (MVGDXJTR) down 1.0%. We attended the Precious Metals Summit and Gold Forum Americas Conferences in Colorado. These events bring investors together with the vast majority of gold companies globally. While weak gold prices and inflationary pressures were areas of concern, the miners were more interested in showcasing their operating abilities, property attributes, and project pipelines. Managements are less concerned about financial risks due to strong balance sheets and lighter capital requirements than in past down cycles. We were especially impressed with the mid-tier producers. B2Gold (4.84% of net assets) sees continued one-million ounce per year production for the next decade thanks to exploration success at its Fekola Mine in Mali.