Stock price when the opinion was issued
Adding equities to your gold holdings adds in equity beta, so this can add leverage to the gold price both upward and downward. MER is 6 bps. Gold is a historical hedge during periods of heightened geopolitical risk. Central banks remain buyers of gold. Thinks gold price goes higher.
Wants equal weight, as large caps tend to have less leverage to the price of gold than either small caps or the juicy mid caps. Good, diversified way to start entering the sector.
A month ago it was his favourite sector. Gold plays had 40-50% upside but we have come off the lows. He now sees nothing with potential of 20-40% upside other than gold.