In Gold We Trust 2023
Incrementum/Ronald-Peter Stoferle and Mark J. Valek/May, 2023
“The full year 2022 was clearly positive for gold in all currencies, with the one exception of the US dollar. Gold in US dollars suffered from the marked appreciation of the dollar. On average, the price gain in other currencies was 7.2%. In the (former) safe-haven currency, the Japanese yen, the gold price rose by 13.7%. In euro terms, it was up 6%, for the 5th annual gain in a row, which ruthlessly reveals the glaring weakness of the European single currency. In the current year, 2023, gold is clearly in the plus in all listed currencies, on average by 8.7%.”
USAGOLD note: The quote above covers only one small aspect of the comprehensive (416 page) In Gold We Trust report. In its conclusion, the authors quote lyrics from the Electric Light Orchestra song “Showdown”: Bad dreamer, what’s your name? Looks like were ridin’ on the same train. Looks as though there’ll be more pain. There’s gonna be a showdown.” And that is what they title this year’s report. The firm ends with a prediction of multiple crises and multiple showdowns, i.e., challenges that will take the price to $2300 to $2400 over the next twelve months with an ultimate target of $4800 at some point during the next decade.