TD ‘s take on gold futures.ESM impact ??? We have lowered our gold price deck for the next several years, but note that we continue to expect that the gold price will average ~$1,800/oz over the next three years (2021-2023), supported by negative real interest rates, inflation concerns, and record levels of global liquidity.
We have reduced our 2021 and 2022 gold price forecasts to $1,824/oz and $1,850/oz, respectively (from $1,950/ oz and $1,900/oz); our 2023 price forecast is $1,750/oz.
We have maintained our long-term gold price (starting in 2025) at $1,500/oz, which we view as the incentive price for medium-to-large new gold mine development projects.
We have lowered our 2021 silver price forecast to $26.31/oz (-4%), but have maintained our price deck for 2022-2025.