JP Morgan just forecast $2,000 gold prices by the end of 2023, and $2,175 by the fourth quarter of 2024, as noted by SchiffGold.com. In fact, according to JP Morgan’s executive director of global commodities research, Greg Shearer, “there is even further upside potential for the yellow metal if the US economy falls into a recession. The deeper the recession, the more the Fed will have to cut interest rates, which is more supportive of gold.” That’s all positive news for gold stocks, including Calibre Mining Corp. (TSX:CXB.TO) (OTCQX:CXBMF), Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX.TO), Newmont Corporation (NYSE:NEM) (TSX:NGT.TO), Franco Nevada Corp. (NYSE:FNV) (TSX:FNV.TO), and Royal Gold Inc. (NASDAQ:RGLD).
In addition, “according to the 2023 Central Bank Gold Reserve Survey released by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.”
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