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Haywood Securities' analysts reported on Tuesday that they expect gold prices to rise after 2023.
Looking at the updated forecast, they believe that the average annual price of gold will be about $ 1800 per ounce, which is slightly lower than the previous estimate of $ 1815. The company also assumes that the average price of gold will be about $ 1,850 per ounce next year compared to $1,900, which they determined earlier. However, by 2023, they predict that the average price will be about $1,900 per ounce compared to the previous estimate of $1,800.
Economists say that gold will face serious problems in the near future related to the strengthening of the US dollar and rising bond yields. It is worth noting that bond yields rose amid increased expectations for interest rates and the expectation that the Fed will tighten monetary policy, which includes a reduction in monthly bond purchases until the end of the year and a possible increase in interest rates as early as June.
But looking at the gold's current situation, the slowdown in economic recovery and rising inflation create a favorable environment for the precious metal, especially if China is set for stagflation.
According to historical data, stagflation has always worked in favor of investors in gold. This is because higher inflation contributes to the preservation of capital, and lower real interest rates support opportunity costs and growth risk motives. Macroeconomic factors remain constructive.
Despite the fact that gold prices may remain at the same level until 2022, Haywood analysts still believe that the mining sector is undervalued.
The firm said they continue to focus on the mining sector. Their favorites among aspiring producers are Endeavour Mining (TSX: EDV), Equinox Gold (TSX: EQX), and K92 Mining (TSX: KNT).
As for the company's favorites in the field of exploration, Filo Mining (TSX.V: FIL) and Osisko Mining (TSX: OSK) are considered.
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