Why $3,000 Gold Is Possible in 2023
The comments below are an edited and abridged synopsis of an article by Anna Sokolidou
Saxo Bank, a financial institution famous for its original forecasts, has predicted that gold could reach $3,000 per ounce. Sokolidou is not sure if gold will reach this mark in 2023, but there are some fundamentals given by the bank’s economists that make her agree with the overall message.
Items addressed: Saxo Bank’s forecasts; why gold, why now; valuation; risks; and conclusion.
“In no way do I see myself as being able to accurately predict the gold price in 2023. It might well be $3,000 or above. Possibly the price would not reach that mark. Many of Saxo Bank’s forecasts seem to be far-fetched. Yet, some of Saxo Bank’s predictions seem to be spot on. I particularly agree that the geopolitical and economic situation in 2023 could be tough, whilst there are many bullish catalysts for gold.”