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In Gold We Trust report 2022
Stagflation 2.0
In the fall of 2020, in the midst of the second Covid-19 wave, we were prompted to publish a special edition of the In Gold We Trust report. In our publication entitled “The Boy Who Cried Wolf: Inflationary Decade Ahead?”, we used Aesop’s parable to issue an urgent warning about the danger of inflation creeping up on us. The majority of market participants were no longer familiar with this predator, which was thought to be extinct, since the last period of high inflation was many decades ago.
Extensive
Detailed study on gold and gold-relevant capital market developments.
Critical
Critical consideration of all relevant events.
Global
Recognized in more than 60 nations.
From the content
- In our special analysis from the fall of 2020, “The Boy Who Cried Wolf”, we warned urgently of the underestimated danger of high inflation. The wolf is now here to stay. The war in Ukraine is exacerbating the inflation dynamic.
- The intractability of supply chain issues, the cost of sanctions, tighter monetary policy, and deglobalization are now bringing the recession bear to the table alongside the wolf.
- The majority of investors have been caught on the wrong foot by entering the inflationary environment. Balanced portfolios have been suffering heavy losses so far this year.
- In addition to de-globalization and decarbonization, there are a number of other structural reasons that argue for a longer-term stagflationary environment in which multiple waves of inflation are likely to occur.
- The freezing of Russian foreign exchange reserves and the new geopolitical realities make gold increasingly attrractive as a neutral international reserve asset.
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