Gregory Lang: I think I’ll speak — I’ll answer that. Maybe from a Donlin’s perspective. Donlin has always maintained and nurtured support, both in the state of Alaska and in our nation’s capital. Donlin were costing Soliton, U.S. center. It’s a very, very starch step towards the project. And the Biden’s administration is not always been supportive of mining projects, they certainly have been supportive of Donlin. And I think we are able to mass accommodation was very supportive. Administration recently approved to make you not through on the plan. So I think they’re cautious, but I think they support responsible mine development on response resource development. So that really had no impact on our activity, the change in the administration.
Melanie Hennessey: The final question is for Dr. Kaplan. What is your view on the direction of the gold price over the next 12 to 24 months?
Thomas Kaplan: Hello, everyone. I hope that you can see me and hear me. Melanie, can I assume that everyone can? Okay. Great. Well, I think it’s fair to say that I have been a long-standing gold pole for over 20 years. I’ve seen gold go from $250 an ounce to $1,900 an ounce in what I call Wave 1. We saw who — weren’t for a better word, wave 2 as a correction that took gold from $1,900 back to $1,100. And now we’re seeing Wave 3, which I believe is going to be a long wave. I’m not saying that we’re not going to have muffle whitening corrections along the way. That’s the nature of the market. But I do believe that we’re headed for a trajectory that would be marked by 2 aspects. First, a multiplication of the gold price. Second, a long, long duration.
In other words, Wave 1 in gold the 12 years took gold to higher closes every year. Regardless of the circumstances that we normally think so determinative goal. There were times of interest rate fears dollar beers commodities fears, geopolitical stories regardless of which way you were leaning in terms of the macros, gold was up every year, year-on-year for 12 years. That’s a bull market. If you see a stock go from $2.50 to $19 and it corrects down to 11%, you’re not really shocked. But both of those waves characterized by more than a decade in the duration. The next wave in gold, maybe we’re seeing it, maybe we need one more head fake, I don’t know. But the next wave in gold, I think, takes it to my long-term target of $3,000 to $5,000. And I say long term because I said that Gold is at $250.
The truth is that if gold were to go much higher, I would not be at all surprised. One thing is very clear to me. And this pertains to the investment pieces for NovaGold, gold is going to go up for the next 10 to 20 years. That’s what the charts are telling us and the charts for a historian are like looking at human brain waves. You don’t have to be a technician, I’m a fundamentalist, obviously, by definition, but being a historian, it’s all about cycles, reversals and the way that markets will carry on from the depths of despair to the heights of irrational exuberance. We could see gold with 5 digits easily. But in order to do that, we still have to get through 3,000 to 5,000. So I’ll update my estimates when we get there. But the point that I would want to mention to our shareholders is as follows.
