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Gefaltete Zeitungen

Precious metal stocks: Comment

Munich 19.03.2023

The price of gold has recently risen extremely sharply in the wake of the turbulence on the banking market and has shown extremely strong chart-technical signals. Is this the long-awaited upward breakout that will lead to new record prices?

“The analysis system” for precious metals has recovered significantly to a comfortable buying level with a value of 1.25 after 1.07, but appears to be “overbought” in the short term.

From a fundamental perspective, however, a sustainable turnaround may have really taken place this time, as there is much to suggest that investors are seeing a “turning point”:

These factors clearly play into the hands of hard assets, especially precious metals.

I wish you a pleasant and successful week

Yours, Eckart Keil

  1. ​Confidence in our financial system has once again been significantly shaken - probably for the longer term

  2. Western central banks will probably have to pause or stop raising interest rates – despite further inflation risks, as otherwise further major bankruptcies will occur and the economy will suffer

  3. Inflation rates are likely to remain relatively high in the longer term and will not return to the 2% target any time soon

  4. The national budgets in Western countries – especially in Europe – will be extremely strained in the coming years: spending on armaments, migration, ongoing support for and reconstruction of Ukraine, infrastructure programs, climate policy, high interest burdens as a result of sharp interest rate increases: the USA alone will spend more than 1,000 billion USD a year on interest payments alone. And the trend is rising!

  5. Labour shortages in Western countries – and in some years also in China – are leading to sharply rising wage costs

  6. Price increases for raw materials will continue as far too little investment has been made in recent years

  7. In this respect, real interest rates will remain strongly negative in the longer term

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