In Gold We Trust report 2023


We live in a time when events unfold at an ever-accelerating pace. The quote erroneously attributed to Lenin, “There are decades in which nothing happens, and weeks in which decades happen,” now seems to be our reality. Certainties of decades past are being made obsolete overnight. As we follow the news, many of us experience uncertainty, trepidation, and overwhelm. The global pandemic, the inflation crisis, increasing political polarization, technological breakthroughs such as artificial intelligence – which, by the way, we used to create the cover of this In Gold We Trust report but also the impending geopolitical realignment are changing our lives in ways that were unimaginable to many of us just a few years ago.


We have referred to these looming epochal changes many times in past In Gold We Trust reports. We chose titles such as “Gold in the Age of Eroding Trust” (2019) and “Monetary Climate Change” (2021) for good reason. And this year, too, calls for a pointed title that captures the complexity of the current situation. We’re going with Showdown.

Icon Vernetzung


Detailed study on gold and gold-relevant capital market developments.
Icon financial growth analysis


Critical consideration of all relevant events.
Icon des Globus


Recognized in more than 60 nations.

Key Topics from this Year’s In Gold We Trust report:

  • This year’s In Gold We Trust report focuses on the analysis of the three showdowns:
    • the monetary policy showdown
    • the geopolitical showdown and associated de-dollarization
    • the gold price showdown
  • An in-depth analysis of the state of the US economy, including the presentation of our Incrementum Recession Phase Model. This model is designed to guide investors in their investment decisions during the five different recession phases.
  • An exclusive interview with star analyst Zoltan Poszar on the opportunities and risks of a reorganization of the monetary world order (Bretton Woods III).
  • A detailed discussion of the process of de-dollarization and the specific initiatives to reduce dependence on the US dollar.
  • An exclusive interview with Russell Napier on inflation, financial repression, and the CAPEX cycle.
  • An in-depth look at the flow of gold from West to East and the Chinese gold market in particular.
  • Guest author Jan Nieuwenhuijs presents his thesis that Chinese gold reserves could be twice as high as officially stated.
  • A suggestion for goodwill to end the squabbles in the sound money camp between supporters of gold and those who favor Bitcoin.
  • Background articles on various topics such as the crack-up boom phenomenon, the Chinese silver standard, and a proprietary bull market indicator.
  • A detailed chapter on silver and its portfolio characteristics.
  • A look at the CAPEX shortage in the mining sector and the technical analysis of the gold price.
  • In the last chapter, as every year, we ask ourselves the question “Quo vadis, aurum?” and present an update of our gold price forecast.

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.
Ronald Stöferle und Mark Valek Autoren des In Gold We Trust report

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.