20 YEARS OF GOLD

New all-time high in 2023?


Much of the 2023 outlook for global markets hinges on the trajectory of monetary policy as central banks ease off the aggressive interest rate hikes of the past year amid slowing economic growth and possible recessions.


Economists are divided as to whether this will culminate in rate cuts by the end of the year, however, as inflation is expected to remain well above the target range in most major economies.

A full dovish pivot by central banks this year would likely have major implications for gold prices, according to strategists.


“In 2001, the market didn’t just move 20 or 30%, it moved a lot, the same in 2008 when we had actually a smaller sell-off in the market and the stimulus coming back in, and gold went from $600 to $1,800 in no time,

Eric Strand, manager of the AuAg ESG Gold Mining ETF, said last month that 2023 would yield a new all-time high for gold and the start of a “new secular bull market,” with the price exceeding $2,100 per ounce.

“It is our opinion that central banks will pivot on their rate hikes and become dovish during 2023, which will ignite an explosive move for gold for years to come. We, therefore, believe gold will end 2023 at least 20% higher, and we also see miners outperforming gold with a factor of two.”