Gold Chartbook: “The Dawning of a Golden Decade”, October 2020

1.10.2020

The Dawning of a Golden Decade
Monetary policy normalization has failed. The coronavirus is the accelerant of the overdue recession that heralds the dawn of a
new monetary world order . Trend setting monetary and geopolitical upheavals are to be expected and already executed by the
Federal Reserve relaxing the inflation target “average 2%” supporting a medium term inflationary environment

The Status Quo of Gold
Gold proved to be a profitable investment in markets that are characterized by high volatility and uncertainty once again,
crossing the magical USD 2,000 mark in August this year for the first time in history. Currently gold is stuck in a healthy
correction.

Silver’s Silver Lining
History is repeating and silver is now outperforming gold again . The gold/silver ratio is still trading at high levels around 80,
indicating silver has not yet exhausted its full potential of outperforming gold in this cycle.

Mining Stocks The Party Has (Just) Begun
Mining companies were the great beneficiaries of rising gold and silver prices this year and at this stage the end of the bull
market is not in sight . Quite the contrary, every bull market ended with a parabolic upward trend that lasted 9 months on average
and at least doubled the price

Quo vadis, aurum?
Our proprietary valuation model shows a gold price of USD 4,800 at the end of this decade , even with conservative calibration
and a gold price of USD 8,900 in an inflationary environment

 

 

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