Incrementum AG: In Gold We Trust Report 2020 - The Dawning of a Golden Decade

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May 27, 2020, 04:00 ET

SCHAAN, Liechtenstein and VIENNA, May 27, 2020 /PRNewswire/ -- This year's In Gold We Trust report was presented at an international press conference and live online event on May 27, 2020. The authors of the report are the two fund managers Ronald-Peter Stoeferle and Mark Valek of Liechtenstein-based Incrementum AG.

The more than 300-page In Gold We Trust report is world-renowned and has been named the "gold standard of all gold studies" by the Wall Street Journal. Last year's edition was downloaded more than 1.8 million times. This makes In Gold We Trust, which will be published for the 14^th time this year, one of the most widely read gold studies internationally. The Chinese version of the In Gold We Trust report will be published in autumn 2020.

This year's In Gold We Trust report can be downloaded free of charge under the following links:
Extended Version (350 pages)
Compact Version (100 pages)

The presentation of the In Gold We Trust report 2020 can be viewed at
https://events.streaming.at/20200527-en

The following topics are covered in the In Gold We Trust report 2020, among others:

Review of the most important events in the gold market in recent months
An analysis of the impact of the COVID-19 crisis on the price of gold
The increasing importance of gold in times of de-dollarization
Silver – ready to fly high?
Gold and cryptocurrencies
Gold mining stocks: The bull market has started.
Outlook for the gold price development in this decade: A gold price of around USD 4,800 can be expected in 10 years, even with a conservative calibration of our gold price model.

Further highlights of this issue are exclusive interviews with:

Luke Gromen (FFTT LLC): "A Deep Dive into the Geopolitics of Oil, Gold, and Money"
Terry Heymann (World Gold Council): "An Overview on Gold Mining Companies' ESG Efforts"

Core Statements of the In Gold We Trust report 2020

Monetary policy normalization has failed.
We had formulated the failure of monetary policy normalization as the most likely scenario in our four-year forecast in the In Gold We Trust report 2017. Our gold price target of >USD 1,800 for January 2021 is within reach.
The coronavirus is the accelerant of the overdue recession.
We are currently experiencing the most pronounced economic contraction in 90 years. The debt-driven expansion in the US has been cooling off since the end of 2018, and gold analysts had already warned of darkening recession clouds last year. Measured in gold, the US equity market reached its peak more than 18 months ago. COVID-19 and the reactions to it act as a massive accelerant.
Deflationary forces are currently strong.
Central banks are resorting to ever more extreme means to force a rising price level. Measures such as MMT, helicopter money, or yield curve control – in addition to QE and continued low interest rates – will be implemented sooner or later. A tighter interconnection of monetary and fiscal policy seems likely.
Central banks are in a quandary when it comes to combating future inflation.
Due to overindebtedness, it will not be possible to combat nascent inflation with substantial interest rate increases. Real interest rates will remain negative over the long term, which should provide an excellent foundation for further rises in the gold price. In the medium-term inflationary environment, silver and mining stocks will also be profitable alongside gold.
Debt-bearing capacity is reaching its limits.
The interventions to combat the pandemic are overstretching the debt sustainability of many countries. Government bonds will increasingly be called into question as a safe haven. Gold could take on this role.
Dawn of a new monetary world order
In the decade that has just begun, trend-setting monetary and geopolitical upheavals are to be expected. Gold will once again play an important role in the new monetary world order as a stateless reserve currency.
New gold all-time highs are only a matter of time.
The question is not whether the gold price in USD will reach a new all-time high, but how high this will be. The authors are convinced that gold will prove to be a profitable investment over the course of this decade and will provide stability and security in any portfolio.
The authors' proprietary valuation model shows a gold price of USD 4,800 at the end of this decade, even with conservative calibration.
Should money supply growth develop in a similar inflationary manner to that of the 1970s, a gold price of USD 8,900 is conceivable by 2030.