While 2020 may have seen gold broach peak prices in some currencies, the average cost of the metal in 2021 is a bigger boost for gold miners, according to Ronald-Peter Stoeferle.

Stoeferle spoke to Kitco on Friday. He is managing partner at Incrementum AG.

"The average gold price is at an all-time high," said Stoeferle commenting on 2021. "Of course we are seeing some cost inflation when it comes to labor and materials, but the margin of the producers is still spectacularly high."