As we get ready to head into 2023, this will send the price of gold skyrocketing to all-time highs, plus it’s shocking what’s unfolding in Europe.
Once That Trust Breaks The Next Leg Up Will Start For Gold
December 7 (King World News) – Ole Hansen, Head of Commodity Strategy at SaxoBank: Gold was hit by a large 13.7 tons reduction in ETF holdings on Monday, the biggest in 20 months. Long-term investors remain sidelined while they maintain trust in the FOMC’s ability to bring inflation down to target. Once that trust breaks the next leg up will start.
Gold Breakout Above Recent High At $1,808 Will Send Price Surging
Gerald Celente featured below but first…
Gold Finds Its Footing
Ole Hansen, Head of Commodity Strategy at SaxoBank: In 2023, gold finally finds its footing after a challenging 2022, in which many investors were left frustrated by its inability to rally even as inflation surged to a 40-year high. It turns out that the key in holding down gold’s potential was the market’s mistaken consensus bet that inflation would prove transitory. Central banks largely anticipate that inflation will fall back to target within a mere couple of years, and even the market’s own forward pricing of inflation risks predicts the same. And how was gold supposed to rally in 2022, especially in strong USD terms, if you can get well over 4.0 percent on a 5-year US treasury at a time when 5-year forward inflation rates are priced to drop below 2.5 percent?
2023 is the year that the market finally discovers that inflation is set to remain ablaze for the foreseeable future. Fed policy tightening and quantitative tightening drives a new snag in US treasury markets that forces new sneaky ‘measures’ to contain treasury market volatility that really amount to new de facto quantitative easing. And with the arrival of spring, China decides to pivot more fully away from its zero-COVID policy, touting effective treatment and maybe even a new vaccine. Chinese demand unleashed again drives a profound new surge in commodity prices, sending inflation soaring, especially in increasingly weak USD terms as the Fed’s new softening on its stance punishes the greenback. Under-owned gold rips higher on the sea-change reset in forward real interest rate implications of this new backdrop…
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In 2023, the hardest of currencies receives a further blast of support from three directions. First, the geopolitical backdrop of an increasing war economy mentality of self reliance and minimizing holdings of foreign FX reserves, preferring gold. Second, the massive investment in new national security priorities, including energy sources, the energy transition, and supply chains. Third, rising global liquidity as policy makers move to avoid a debacle in debt markets as a mild real growth recession (certainly not in nominal prices, however!) takes hold. Gold slices through the double top near USD 2,075 as if it wasn’t there and hurtles to at least USD 3,000 next year.
Market impact: Spot gold rises above $3,000 per ounce and the VanEck Junior Gold Miners index quadruples in value.
“2023 is the year that the market finally discovers that inflation is set to remain ablaze for the foreseeable future.” — Ole S. Hansen
Ukrainians Flooding Into Germany
Gerald Celente: Following the blowing up of the Crimea Bridge and Russia’s Nord Stream pipelines, Russian President Vladimir Putin said Moscow would ramp up its attacks on Ukraine. Illustrating that “payback’s a bitch,” European countries are getting hit with another surge in Ukrainian refugees as Russia continues to demolish the country’s energy infrastructure with bombing campaigns.
As Ukraine enters winter, millions of residents sticking it out in the country have been faced with sub-zero temperatures and have been forced to shelter in modified gymnasiums and other public shelters that have portable power generators.
“I’m not afraid of the bombs,” Liza Cherniakova, a Ukrainian who fled in March, told The Wall Street Journal. “But without electricity, water, and heating you can’t work or have a normal life.”…
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8 Million Ukrainians Already in Europe
The war in Ukraine has already displaced about eight million Ukrainians and that number is expected to continue to grow.
Europe has seen a 58 percent increase in asylum applications this year, which has been blamed largely on the end of COVID travel bans, the global economic decline, and the war in Ukraine. There were 578,875 asylum applications as of August.
About 1.1 million Ukrainians have applied for protection in Germany alone and that number could double this winter. Berlin is struggling to meet the demand and has been trying to process up to 25,000 asylum seekers each month.
Manfred Weber, a German MP, told DW.com that Berlin is facing a “dramatic winter of refuge.”
“Germany is currently sleepwalking into a new migration crisis,” Weber said.
Germany is desperate to house these refugees and has erected tents on airfields that can house 1,000 people.
A survey found that 53 percent of Germans are concerned that there are too many people arriving in the country, which was an 11 percent increase from September 2021, the BBC reported. The report said there have also been 65 arson attacks on these refugee shelters.
The Trends Journal has reported extensively on the refugee crisis in Europe that has already been a strain on relationships between countries.
We’ve already seen Italy vote for a new prime minister who has spoken out against the drag refugees from Northern Africa and the Middle East had on Rome.
We have long forecast that the surge in migrants into countries that are also struggling will lead to major wins for populist candidates who focus on the health of their own countries.
We said at the time that there will be growing anti-vax, anti-establishment, anti-immigration, anti-Eurozone movements spreading throughout Europe. This trend will greatly accelerate as economies decline, civil unrest grows and the refugee crisis worsens.
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To listen to James Turk discuss what to expect in 2023 as well as the historic breakout in gold, silver and the mining shares CLICK HERE OR ON THE IMAGE BELOW.
To listen to Alasdair Macleod discuss a failure to deliver in the silver market CLICK HERE OR ON THE IMAGE BELOW.
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