Gold is back! With the strongest quarterly performance in 30 years, the precious metal in Q1 2016 emerged from the bear market that had been in force since 2013. A decisive factor in this comeback is growing uncertainty over the recovery of the post-Lehman economy. After years of administering high doses of monetary painkillers, will the Fed succeed in discontinuing the practice? Or is the entire therapy about to be fundamentally challenged?

Our price target of USD 2,300 for June 2018 may appear ambitious. We are firmly convinced though that systemic problems will increasingly lead to a critical reassessment of the current monetary order. In the event of such a paradigm change, a significant upward revaluation of gold seems highly probable.