Good Afternoon: Find attached our coverage of HSBC’s 2024 Gold big report. The section on Central Bank demand is a must-read and tells a story of the changing culture at global central banks.
Slides are also broken out with analysis added.
At very bottom is the GoldFix conclusion. Enjoy
Contents:
Slide Deck Analysis…. “but”
HSBC Price Target for 2024 is still below current prices… but
The tighter US financial conditions are, the more likely gold is to weaken and vice versa… but
The Higher Real Yields Go, The Lower Gold is Supposed to Go… but
Mercantilism, Deglobalization and declining trust means more gold... and
US Investors Are Buying Less Gold in ETF and Futures form… but
High prices will likely curb Jewelry demand this year… but
China Imports are Decreasing and India May have peaked… but
US Gold Coins and Bar Demand are cooling…but
Central Banks: The Defining Factor
Full HSBC Report
Exit Comment
Slide Deck Analysis
[GoldFix chart notations in Blue]
1- HSBC Price Target for 2024 is still below current prices… but
COMMENT:
“We raise our 2024 and 2025 forecasts to USD1,947/oz (from USD1,850/oz) and USD1,835/oz (from USD1,725/oz). We look for a wide trading range of USD1,825/oz-USD2,200/oz for 2024.”
The Bank continues to lag price. This makes sense as they are historically conservative. The fact that this bank, which is careful in their price targets raised them $100 per year is information enough.
