We haven’t seen a bold gold prediction from a leading global bank in a long time but last week Ole Hansen, the respected commodity strategist at Denmark’s Saxo Bank, says it’s possible for gold to climb as high as $4,000 next year. He cites his reasons being global inflation – despite rising interest rates – on top of a “war economy mentality,” rising deficit spending and a possible global recession in 2023.
In an interview on December 6, Hansen said the Fed will not only end its tightening cycle early in 2023 but the threat of a global recession will force the Fed and other central banks to start pumping liquidity back into the system later in the year. This could drive gold dramatically higher, he said. Hansen sees gold slicing through its double top near $2,075 “as if it wasn’t there and hurtles to at least $3,000 next year.”
On top of all that, global central banks are going on a gold-buying spree, since no leading paper currency looks like the next “global reserve currency” as the dollar is falling from its former leadership perch. In the third quarter, central banks bought approximately 400 metric tons of gold, worth over $20 billion. That’s the most central bank gold buying in over 50 years of record keeping. Most buyers are in Asia, not Europe. Turkey was the top gold buyer last quarter, with regular buyers Uzbekistan, India and China coming in next.
Morgan Freeman (“Almighty” in two Movies) Discovers the “The Christmas Scale”
Morgan Freeman has played God in two movies, “Bruce Almighty” (2003) and the sequel, “Evan Almighty” (2007). The only actor to exceed that total was George Burns (1896-1996), in “Oh, God!” (1977), “Oh, God! Book II” (1980) and “Oh, God! You Devil” (1984). I was inspired by Freeman’s story of how his mother taught him a new version of “The Christmas Scale,” which he only played after she had died. Click the Christmas Scale link above to hear his story, in a production from Igniter Media.
We can all hope that Morgan Freeman, like George Burns (and Bob Hope), will reach 100 (in 2037).
Merry Christmas!
LOL!!! $3,000 or $4,000 an ounce gold next year is pure fantasy. Inflation is already firmly embedded all around the world due to various reasons too numerous to discuss. Gold has been struck in a relatively narrow trading range of $1,650 to $2,000 an ounce for the last 2 1/2 years.