In Gold We Trust report 2021

A monetary climate change is taking place right before our eyes. We identify three key aspects to this change: budgetary nonchalance, the merging of monetary and fiscal policy and the creation of new tasks for monetary policy. Climate change and the associated striving for a “more sustainable economy” are omnipresent issues today. From energy production and mobility to the food industry and retail, to government bonds and investment funds, everything imaginable is given predicates such as “green”, “sustainable” or “climate-neutral”. ESG and SRI have become winged acronyms that no one seems able to elude.
Play Video
In Gold We Trust report 2021 Extended
In Gold We Trust report 2021 Compact
Icon Vernetzung

Umfangreich

Detaillierte Studie über Gold und goldrelevante Kapitalmarktent-wicklungen.
Icon financial growth analysis

Kritisch

Kritische Auseinandersetzungen und Betrachtung aller relevanten Geschehnisse.
Icon des Globus

Weltweit

Anerkannt in mehr als 60 Nationen.

From the content

  • This year marks the 50th anniversary of the Nixon Shock when the last peg between money and gold was severed.
    This event ushered in the era of debt-based money and allowed central banks to create money without restrictions.
  • A monetary climate change is taking place right before our eyes.
    We identify three key aspects to this change: budgetary nonchalance, the merging of monetary and fiscal policy and the creation of new tasks for monetary policy.
  • In our view, the inflation pendulum finally swung back in the previous year, and inflationary forces are now stronger than deflationary ones.
  • We are likely moving into a period of inflation caused by strongly rising money supply growth. Consequently, more and more central banks will be forced to implement a policy of explicit or implicit yield curve control.
    Real interest rates will thus remain negative.
  • We continue to our forecast based on our proprietary gold price model presented in last year.
    The conservative baseline scenario has resulted in a price target of USD 4,800 for gold at the end of the decade.

Subscribe to the In Gold We Trust report

To receive the annual In Gold We Trust report and Chartbook with related charts, subscribe to our In Gold We Trust Newsletter. Additionally feel free to subscribe to more interesting Newsletter like the Incrementum Research here.