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Liechtenstein-based Incrementum Gold Fund projects that gold prices could reach $4,821 per ounce by December 2030 in a base-case scenario, according to the In Gold We Trust report released on Thursday. The report highlights a year-end target of $2,942 per ounce amid a long-term bull market fueled by monetary excess and geopolitical factors.
The analysis indicates an expected annual money-supply growth (M2) of 6.3%, with historical parallels drawn to the 1970s. Currently, gold is trading at $3,191.30 per ounce, having doubled since January 2020 and gained 27.2% in 2024 alone. Central banks have purchased over 1,000 tonnes of gold for three consecutive years, culminating in record official reserves.
Upcoming projects to watch include Seabridge Gold’s KSM project in British Columbia, hosting 88.7 million ounces of gold, and AngloGold Ashanti’s La Colosa project in Colombia with 23 million ounces. The report also noted a significant increase in global exploration budgets, which rose 18% last year, amounting to approximately $5.6 billion.
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