Ann: Change in substantial holding, page-4

In 2023, the hardest of currencies receives a further blast of support from three directions.First, the geopolitical backdrop of an increasing war economy mentality of self reliance and minimizing holdings of foreign FX reserves, preferring gold.Second, the massive investment in new national security priorities, including energy sources, the energy transition, and supply chains.Third, rising global liquidity as policy makers move to avoid a debacle in debt markets as a mild real growth recession (certainly not in nominal prices, however!) takes hold.Gold slices through the double top near USD 2,075 as if it wasn’t there and hurtles to at least USD 3,000 next year. And finally, this is not a short-term move, as Bernard Dahdah, senior commodities analyst at Natixis, the French investment bank, said deglobalisation and geopolitical tensions meant the drive by central banks outside of the west to diversify away from the US dollar was “a trend that won’t change for a decade at least”. Courtesy of zerohedge