Posted on 12/25/2022 3:24:31 PM PST by SeekAndFind
Saxo Bank’s “outrageous predictions” for 2023 include a ban on meat production, skyrocketing gold prices and Britain voting to “un-Brexit.”
The Danish bank’s annual report, published earlier this month, expects global economies to shift into “war economy” mode, “where sovereign economic gains and self-reliance trump globalisation.”
The forecasts, while not representative of the bank’s official views, looked at how decisions from policymakers next year could impact both the global economy and the political agenda.
Among the bank’s “outrageous” calls for next year, Saxo Head of Commodity Strategy Ole Hansen predicted the price of spot gold could exceed $3,000 per ounce in 2023 – around 67% higher than its current price of about $1,797 per ounce.
The report puts its forecasted surge down to three factors: “an increasing war economy mentality” that makes gold more appealing than foreign reserves, a big investment in new national security priorities, and increasing global liquidity as policymakers try to avoid debt debacles in their respective recessions.
“I would not be surprised to see commodity driven economies wanting to go to gold because of a lack of better alternatives,” Steen Jakobsen, chief investment officer at Saxo, told CNBC’s “Squawk Box Europe” on Dec. 6.
“I think gold is going to fly,” he added.
While analysts are expecting an increase in the price of gold in 2023, a surge of that magnitude is unlikely, according to global commodities intelligence company CRU.
“Our price expectations are much more moderate,” Kirill Kirilenko, a senior analyst at CRU, told CNBC.
“A less hawkish Fed is likely to lead to a weaker USD, which could in turn give gold bulls more breathing space and energy to stage a rally next year, lifting prices closer to $1,900 per ounce,” he said.
(Excerpt) Read more at cnbc.com ...
Saxo Market Strategist Jessica Amir said British Prime Minister Rishi Sunak and his Finance Minister Jeremy Hunt may take Conservative Party ratings to “unheard-of lows” as their “brutal fiscal programme throws the UK into a crushing recession.”
This, the bank forecasted, could prompt the English and Welsh public to rethink the Brexit vote, with younger voters leading the way, and force Sunak to call a general election.
Saxo’s Amir said the opposition Labour party may then win the election and promise a referendum to reverse Brexit for Nov. 1, with the “re-join” vote winning.
“Business people are saying the only thing they’ve gained from Brexit is U.K-specific GDPR,” Saxo’s Jakobsen told CNBC. “The rest is just increased red tape,” he said.
European Union is a failed experiment and the young people in the UK want all they can get ?
“Saxo Bank’s “outrageous predictions” for 2023 include a ban on meat production”
Do they also plan to blame Putin for their forced transition to bugs?
Gross underestimate, by a factor of 10, in my opinion.
maybe so. but not next year.
if the print on central bank buying for q4 2022 is as big as the print for central bank buying in q3 2022—gold will blast off. imho the current run up of gold from its bottom is investors front running an expect second large print of gold buying by central banks in q4.
If there is no big buying by central banks shown in q4—then no rocket ship.
It’s a new feudal system. In that system the Lords had feasts with massive amounts of meat. The peasants had a high carbohydrate diet.
A ban on MEAT PRODUCTION??? Oh, HELL no!
Shaddup undt eat ze crickets!
Perhaps I am being overly pessimistic, but sadly, I do not see much in the way of positives emanating from this nation.
Crickets are meat.
The Vegan-Vegetarian movement is simply Hinduism thinly disguised as environmental policy
Maybe the Sussex duo can go back and save the day. We’re told they are such advocates for social justice and saving the planet.
What an absolute load of nonsense. It would take at least two years to organise a new referendum and then how would they sell it to the British people?
It’s one thing to think that Brexit was a bad idea and regret it, it’s entirely another to agree to vote to re enter the EU on worse terms than before. No more rebates no more opt outs, it would be Brussels telling the British to give up their erstwhile privileges and bend the knee like good little Europeans embracing the EU project hook line and sinker, when the EU was already despised by many remainers beforehand. It would be a very hard sell to a UK electorate.
🦟🦗🦗🦗🦟🐛🐜🐝🐞🦋🪲🪲🪲🦗🦗🦗
Right. “You vill eat bugs.” Das ist Bill Gates’ and Klaus Schwab’s idea. The WEF is behind this.
I don’t disagree with your point. I think that central bank gold buying and the decline of the US dollar as the main reserve currency are two sides of the same coin.
the end game will not be that the dollar is out completely as a reserve currency. Rather it will be one of many including the yuan and the rupee and others. I think that’s healthy for the international system. Also, I think its healthy for the international system and the USA to have a much weaker dollar.
There are a lot of complicating factors at play.
The dollar has been used to fund the oil trade. That was the agreement from back in the 70’s.
The chinese and the saudis just agreed to do their trade in yuans. that’s a big one.
no need for dollars. so more dollars sloshing around to lower the value of the dollar.
I don’t know how fast rising worldwide electric car production will suck out the demand for oil. But its clear that that is what is going to happen. the end game is far less world wide demand for oil.
but the next 1-3 years could be ugly with much higher prices for oil.
that’s also bullish for gold.
How is electricity produced?
Fossil fuels (oil, gas, coal), water, or burning wood to create steam to power generators that produce electricity. Wind & solar can't, and never will be able to, meet electricity demands needed. That's the dirty little secret they avoid talking about. 🙂
So, what makes you believe that oil will become obsolete and demand will diminish? The only way demand is diminished, is when it becomes out of the financial reach of large swaths of the human race.
Which is exactly what they desire to happen. That will then leave more for the wealthy. Their goal is to reduce the population numbers significantly, and they don't care if that entails people dying of starvation, freezing or any number of nasty deaths such as bio, nuclear, or other forms of available weapons.
That's why they refer to most humans as being nothing more than useless eaters & consumers of limited valuable resources. These elites are pure evil.
People need to wake up to what is really going on, and that the majority of the world's ills are being created on purpose.
So, what makes you believe that oil will become obsolete and demand will diminish?
I don’t think oil will become obsolete. Nor do I think that demand for cars and trucks will diminish.
I do think the supply of electric cars and trucks is going parabolic.
That has to have an effect on oil demand and therefor oil price.
I don’t know the time frame in which that will happen.
I do think that we are entering into a golden age of cars because competition will drive down prices.
For example,Tesla is making huge profits currently because its manufacturing process is way cheaper than ICE manufacturing. Tesla uses the giga press to stamp out their cars.
Eventually the gigapress will get over to the ice cars. Their manufacturing costs will fall. Their prices will fall. They’ll force tesla to cut their margins. and further simplify their manufacturing.
I think it's movement to create a protein deficient and thus too lethargic to rebel populace disguised as environmental policy.
Whatever it is, it's certainly NOT about saving the planet.
I certainly have no use for an electric car. No one I know is clamoring to get an electric car either.
Like the mRNA jabs, I think the propaganda in the press pushing electric vehicles makes it seem like the demand is greater than the reality. As with solar & wind energy generation, electric vehicles fall well short of desirability.
The problem with them catching on fire is a big detraction also.
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