UBS/Chief Investment Office/5-18-2023

“The direction of a weakening dollar is clear, with the US Fed having signaled a pause in its current tightening cycle after 500 basis points of rate hikes over the past 14 months. Other major central banks, meanwhile, remain on track to do more to fight inflation.”

USAGOLD note: UBS sees gold at $2100 by year end and $2200 by March 2024.