To this end, Yeo notes that ValueMax’s share price performance has had a “high correlation” to gold prices at a ratio of 0.8 out of 1 over the past four years.
Analyst Alfie Yeo of RHB Bank Singapore (RHB) sees ValueMax as a proxy to the growth of gold prices in an unrated July 16 report.
Presently, the price of gold is trading at US$3,300 ($4,2421) per ounce, to which Yeo expects to reach around US$3,450 per ounce by 2Q2026, based on the Bloomberg consensus for forward gold contracts.
