In Gold We Trust report 2024

The New Gold Playbook

Small changes sometimes have a big impact. At the end of the 15th century, for example, a far-reaching change was made to the rules of chess. The queen, which until then had only been allowed to move one square diagonally, was given freedom of movement and could now move any number of squares diagonally as well as vertically and horizontally. Thus, the queen was considerably upgraded among the six different chess pieces and became the most powerful piece. The change in the rules meant that chess players had to adapt a new playbook. Chess remained chess, and yet it became a completely different game.

Comparably far-reaching changes are currently taking place on the gold market. The rules of the gold game are changing on many levels. That’s why we want to take an in-depth look at the global upheavals in this 18th edition of the In Gold We Trust report and introduce you to the new gold playbook.

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Extensive

Detailed study on gold and gold-relevant capital market developments.
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Critical

Critical consideration of all relevant events.
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Global

Recognized in more than 60 nations.

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

  •  The showdown in the gold price that we announced in our last In Gold We Trust report has come to pass. The gold price broke through its long-term resistances and has set new all-time highs. Gold is now entering terra incognita.
  • According to the old gold playbook, the gold price should have fallen significantly in an environment of sharply rising real interest rates. This and several other laws seem to have been suspended recently.
  • In the new gold playbook, Western financial investors are no longer the marginal buyers. Central banks and the steadily growing demand from emerging markets – especially China – have for the first time been able to more than compensate for weak demand from the West.
  • While there was a gold drain to the US in the 1960s, the global East is currently experiencing a veritable gold gain.
  • The new gold playbook is a consequence of the seismic shifts that are taking place in macroeconomics, geopolitics, and increasingly also in the world’s monetary architecture.
  • While central banks and investors in the emerging markets are increasingly learning to appreciate gold, Western financial investors continue to act according to the old playbook. A second wave of inflation or the overdue US recession could prompt them to rethink their approach.
  • In view of the reorganization of the international economic and geopolitical structure, the reaching of the limits of debt sustainability, and possible further waves of inflation, we are convinced that it is advisable to consider increasing the percentage of both safe-haven gold and performance gold in portfolios.

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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.