In a big surprise, global expectations point to the spread of madness gold prices In Egypt to the global markets during the next year, and according to the latest forecasts of “Saxo Bank”, the institution that manages assets of more than 85 billion dollars, it is likely that a sudden upward wave will occur in the price levels of gold, reaching $ 3000 an ounce next year, amid expectations of a 25% decline in the dollar.
Locally, gold prices came according to the pricing of the General Division of Gold in the Federation of Chambers of Commerce by 6:15 pm today, as follows:
21 karat: 1670 pounds
24 karat: 1908.5 pounds
18 karat: 1431.5 pounds
14 karat: 1116.5 pounds
An ounce: 1775 dollars
gold pound Before calculating workmanship, stamp or tax, 13360 pounds.
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According to the price gold globally 21 carat (the most popular) now records 57 US dollars, which is equivalent to 1400 pounds per gram, according to the “Gold Price” website. As for the price of an ounce, it records 1774 dollars, which is equivalent to 43630 pounds.
The report of the Market Watch agency concerned with global economic affairs described Saxo Bank’s latest forecast as “outrageous”, as it expects a rise in oil prices. yellow metal With more than $ 1,200, in one sentence, during the year 2023. And after the release of US economic data, global investment banks are betting that gold will reach record levels next year.
Gold jumps to $3,000 an ounce amid unstoppable inflation
The focus of the 2023 outlook is that a return to the pre-pandemic anti-inflationary dynamic is impossible because we have entered a global war economy, according to Saxo Bank notes. “Now all the great powers around the world are scrambling to bolster their national security on all fronts,” says chief investment officer Sten Jacobsen, anticipating a crossroads. gold with $2,075, then jumps to $3,000 in unstoppable inflation.
“The militaristic sense has been reflected in the deep supply chain crisis, energy, and even financial insecurity exposed by the experience of the pandemic and the Russian invasion of Ukraine,” Jacobsen adds.
According to the report, the Saxo team, led by chief investment officer Sten Jacobsen, has come up with some wild prophecies of the past decade: predicting Brexit in 2015, a 25% drop for the S&P 500 from its 2007 high. In 2008, it tripled expectations of the value of Bitcoin in 2017.
31 net tons of gold to global reserves within a month
This comes as central banks continue to accumulate gold, according to the latest data available in October, – according to news agencies – as central banks added another 31 net tons of gold to international reserves during last October.
According to data from the World Gold Council, this preliminary figure helps raise global official gold reserves to their highest level since November 1974 (36,782 tons).
Gold purchases were limited to a number of central banks in October, while none of them reported a significant decrease in their gold reserves.
Re-pricing of interest… and violent fluctuations in market trends
According to a Market Watch report, last Monday was another knockout blow for investors relying on the less aggressive Fed, and some are now not ruling out a similar shift from the US central bank, increasing rates by 0.75% instead of 0.50%, as markets had been pinning hopes. It has after strong data on services, jobs and wages.
The report believes that these violent fluctuations in market trends are in line with the general framework of the events of 2022 as a whole, as the relief from the Corona pandemic was replaced by the crisis of the largest war on the shores of Europe in decades, which led to high inflation rates all over the world.
The most prominent expectations of Saxo Bank in 2023
Market Watch referred to the most prominent expectations that Saxo Bank monitored during 2023:
Creation of a new National Board of Prices and Income in the United Kingdom and the United States.
Non-US allies are turning away from Washington and the International Monetary Fund to identify an “international clearing union (ICU) and a new reserve fund called Bancor (currency symbol KEY).
Central banks not aligned with Washington are reducing US dollar reserves.
– The dollar is down 25% against a basket of traded currencies.
– Japan fixes the price of the US dollar against the Japanese yen at 200 points.
– Global authorities reorganize the monetary system, erase all debts and recapitalize banks, expanding prices and wage controls.
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