The US Dollar Is Becoming Cheaper In Gold Terms

As far as gold’s outlook is concerned, the authors of the report repeat that things look very much in line with their “Scenario 1“, as described in Chapter 10 “Valuations, Scenarios and Price Targets” (page 118 of the report).

Must read chart #1: Governments and corporations have increased their debt levels significantly
Global debt levels have increased by USD 57 trillion since 2007. This amount is around three timesannual US economic output!  New government borrowing has recorded the highest growth momentum!Difficult for us to spot the infamous deleveraging!

Must read chart #2: there is not enough nominal growth, which is why all central banks are aboard
The days of restrained monetary policy appear to be over. Several major central banks haveexpanded their balance sheets many times over since 2007. The ECB has pursued a comparativelyrestrictive monetary policy since 2008 –  however, with the implementation of “Euro QE”, things are changing radically. The FED moving back to “normality”* before the next crisis? No chance!