Gold Price Nears $2,000 Again—With New Records In Sight

[PinkDiamond]

I found a report from Rob Bates at JCK on gold expectations for this week.

Gold Price Nears $2,000 Again—With New Records In Sight
By Rob Bates | March 23, 2023



"The price of gold is likely to top the $2,000-per-ounce benchmark for the second time this week—and some predict the yellow metal is on a trajectory to top its past records.

At press time, gold’s spot price was $1,994 an ounce.

Analyst predictions for gold now range from $2,200 to as high as $2,600 an ounce. Goldman Sachs has raised its 12-month gold price target to $2,050 an ounce from $1,950, according to Reuters.

“It’s very plausible that we see a strong performance in gold over the coming months,” Craig Erlam, a senior market analyst at foreign exchange company Oanda, told CNBC. “The stars appear to be aligning for gold which could see it break new highs before long.”

Analysts said that the current gold rush is caused by investors being unsettled by the recent series of high-profile bank failures, and once again fleeing to the “safe haven” of gold.

“Concerns about systemic risks to bank deposits—whether warranted or not—may lead to investors moving some of their currency holdings into gold,” said John Reade, chief market strategist for the World Gold Council, on that group’s site.

In addition, analysts believe that the bank issues will likely make the Federal Reserve more “dovish” on interest rates. On March 22, chairman Jerome Powell said “we no longer state that ongoing rate increases will be needed to quell inflation.”

Added Reade: “A lower ceiling for interest rates is gold-friendly too, limiting the ... "
https://www.jckonline.com/editorial-art ... w-records/

[SwordfishMining]

Well, if you were honest, Gold is worth so much more than a piece of paper that depends on trillions more not being printed to hold it's value. Gold is mined, not voted on by politicians.

Content from Infographic - In An Era Of Inflation, Gold Still Reigns Supreme

$0.06 in 1922 has the same buying power as $1 in 2022 Inflation Is Taking A Toll On The Dollar. In 2022, Inflation rose 9.1%. The fastest pace since 1981. Consumer prices are on the rise:
July 2022 food index: 10.4% increase
July 2022 energy index: 41.6% increase
July 2022 all items less food and energy index: 5.9% increase and inflation isn't expected to slow down

In 2021, the US dollar depreciated: 16% compared to the Mexican Peso
16% compared to the Australian Dollar
12% compared to the Canadian Dollar
9% compared to the Euro, British Pound, & Chinese Yuan

Since 1933, the dollar has lost 99% of its value against gold. The Value Of The Dollar Has Dropped For 100 Years—But Not The Value Of Gold

1920s Glamor and wild spending defined the era. Cost of an oz. of gold: $20.67
Item - 1 Gallon Of Milk Dollar - $0.69 Gold - .0334 ounces
Item - College Tuition Per Year Dollar - $300 Gold - 14.51 ounces
Item - A New Car Dollar - $260 Gold -12.58 ounces

Declining funds reduced average prices by an equivalent amount. Deflation increased debt, distorted decision making, reduced consumption, increased unemployment, and bankrupted people and companies.

1930s Cost of an oz. of gold: $20.67
Item - 1 Gallon Of Milk Dollar - $0.56 Gold - .027 ounces
Item - College Tuition Per Year Dollar - $400 Gold - 19.35 ounces
Item - A New Car Dollar - $600 Gold - 29.03 ounces

1940s The economy begins to stabilize. Cost of an oz. of gold: $34.50.
Item - 1 Gallon Of Milk Dollar - $0.52 Gold -.0150 ounces
Item - College Tuition Per Year Dollar - $329.82 Gold - .56 ounces
Item - New Car Dollar - $850 Gold - 24.64 ounces

The end of WWII saw the cost of everything nearly double.
1950s Cost of an oz. of gold: $40.25.
Item - 1 Gallon Of Milk Dollar -$0.82 Gold - .020 ounces
Item - College Tuition Per Year Dollar - $625 Gold - 15.52 ounces
Item - A New Car Dollar - $1,510 Gold - 37.52 ounces

1960s The first decade where a dollar can’t buy a gallon of milk. Cost of an oz. of gold: $36.50.
Item - 1 Gallon Of Milk Dollar - $1.04 Gold - .038 ounces
Item - College Tuition Per Year Dollar - $1,250 Gold - 31.13 ounces
Item - A New Car Dollar - $2,600 Gold - 71.23 ounces

1970s The economy attempts to level out. Cost of an oz. of gold: $38.90.
Item - 1 Gallon Of Milk Dollar - $1.32 Gold - .034 ounces
Item - College Tuition Per Year Dollar - $2,350 Gold - 60.41 ounces
Item - A New Car Dollar - $3,450 Gold - 88.69 ounces

1980s Inflation hit an all-time high of 14.5%—the worst in history up to that point. Cost of an oz. of gold: $594.90.
Item - 1 Gallon Of Milk Dollar - $2.80 Gold - .004 ounces
Item - College Tuition Per Year Dollar - $6,000 Gold - 10.08 ounces
Item - A New Car Dollar - $7,200 Gold - 12.10 ounces

1990s Average consumer prices soar—especially college tuition. Cost of an oz. of gold: $386.20.
Item - 1 Gallon Of Milk Dollar - $4.44 Gold - .011 ounces
Item - College Tuition Per Year Dollar - $13,420 Gold - 34.74 ounces
Item - A New Car Dollar - $16,950 Gold - 43.89 ounces

2000s The value of the dollar continues to diminish. Cost of an oz. of gold: $272.65.
Item - 1 Gallon Of Milk Dollar - $2.78 Gold - .010 ounces
Item - College Tuition Per Year Dollar - $22,682 Gold - 83.19 ounces
Item - A New Car Dollar - $24,750 Gold - 90.78 ounces

2010s The upward trend continues. Cost of an oz. of gold: $1,900.00.
Item - 1 Gallon Of Milk Dollar - $3.32 Gold - .00017 ounces
Item - College Tuition Per Year Dollar - $36,208 Gold - 19.06 ounces
Item - A New Car Dollar - $31,352 Gold - 22.07 ounces

2020s COVID-19 shuts down the economy—causing an unconventional recession. Cost of an oz. of gold: $1,787.55.
Item - 1 Gallon Of Milk Dollar - $4.40 Gold - .002 ounces
Item - College Tuition Per Year Dollar - $53,166 Gold - 29.74 ounces
Item - A New Car Dollar - $42,872.63 Gold - 22.07 ounces

2030s Runaway inflation rates suggest that $1 in 2020 will equal $0.65 in 2030. Projected cost of an oz. of gold: $8,900.
Item - 1 Gallon Of Milk Dollar - $6.38 Gold - .0007 ounces
Item - College Tuition Per Year Dollar - $77,107.34 Gold - 8.663 ounces
Item - A New Car Dollar - $62,178.73 Gold - 22.07 ounces

https://www.usgoldbureau.com/gold-still ... -inflation