In continuation with my macro themes for 2017, today I look at Gold and what I consider to be the best way to get exposure to the sector. Gold had an explosive start to 2016, up 30% to $1,372 from $1,061 the start of the year in $ terms to its peak just after the BREXIT vote in the summer. Since then Gold has given up much of the gains, ending 2016 at $1,173 just 7% higher than where it started. The price action has been unpredictable of late, gold traditionally does well in times of uncertainty/adversity and hence many gold analysts thought Donald Trump in the white house would rally the yellow stuff, but no such joy. So what are the prospects for gold in 2017, will it be a year for gold bugs or gold bears?