"We’ve made it very clear over the years that Seabridge KSM is too large for us to develop on our own, the largest gold and copper project the world," says Rudi Fronk, CEO and chair of Seabridge Gold. "It's a tough time to be in the gold space from a shareholder and equity side," he says. "The market right now is the absolute condition we need to get our joint venture done, [but] it feels like Pac Man," Fronk says. "We may see one or two more hikes from the Fed. The bigger issue going forward is the funding that the Treasury is going to require," he warns. "The Fed needs inflation to put the debt-to-GDP genie back in the bottle," Fronk argues. "The best is yet to come for gold. We are going to see the precious metal at levels that will shock a lot of people," he says. "I believe the precious metal will go above $2,500. The record central bank gold purchasing is hugely telling," Fronk concludes.