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Gold: 5 things to look for in 2023
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Report summary
2022 was no different from 2021 in terms of gold price volatility and averaged USD1,801/oz for the year; only USD2/oz above the average for 2021. We forecast that it might achieve very similar levels in 2023. We expect no escalation in cost inflation this year, but foresee no fast reversal either. We believe more consolidation is in the offing, with attractive valuations for some and multiple rationales for others. Exploration budgets continue to be healthy and we think the hunt for new ounces will continue in 2023. Investor buy-in and cost savings to motivate more players to walk the ESG talk. Lastly, we expect to see more royalty and streaming deals this year.
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