Sprott is proud to sponsor Incrementum's 2026 edition of its annual In Gold We Trust report.
Key Takeaways from the In Gold We Trust Report 2026
“Back to the Monetary Future” – the creeping remonetization of gold
The central theme of this anniversary edition encapsulates the essence of twenty years of gold market analysis: The future of money lies in its past. The Pax Americana and the 1971 fiat regime are increasingly showing signs of fatigue. At the same time, gold is gradually regaining monetary significance – not through political decrees but through its function as a neutral store of value and a trust-independent asset.
Gold continues to gain monetary significance
The price of gold has followed an impressive trajectory since the first In Gold We Trust report in 2007. At that time, gold was trading at around USD 670; since then, the price has increased more than 8-fold. Since the “Golden Decade” proclaimed in the In Gold We Trust report 2020, the gain has been around 165%. This development confirms our central thesis: In periods of monetary, fiscal, and geopolitical instability, gold gains importance as a noninflationary asset with no counterparty risk.
Government bonds are losing their sacrosanct status
Excessive debt, structurally higher inflation rates, fiscal dominance, and increasing politicization are increasingly calling into question the status of government bonds, in particular, as a supposedly risk-free asset class. The stock-bond correlation is positive again, real bond yields are under pressure, and the danger of a lost decade for traditional 60/40 portfolios is palpable. This is leading international investors to rethink diversification, value preservation, and strategic gold allocations.
Inflation and debasement risks remain elevated
The waves of inflation in recent years have shown that price stability can no longer be taken for granted. Fiscal dominance, high debt levels, and political incentives for currency devaluation are key arguments for why the risk of further inflationary spikes remains. In the age of the debasement trade, noninflatable assets are evolving from “satellite investments” to “core investments.”
Gold, commodities, and Bitcoin: assets with further upside potential
Silver, mining stocks, and commodities remain complementary investments in the gold bull market. Silver has hit numerous new all-time highs. Despite improved fundamentals, the mining sector still accounts for only about 1% of global stock market capitalization. Strategic commodities are likely to increasingly benefit from geopolitical shifts and the expansion of energy, defense, and infrastructure capacities. Bitcoin also remains an attractive portfolio component as a digital, noninflationary asset.
The new 60/40 portfolio is gaining importance
The “new 60/40 portfolio” presented two years ago remains relevant today. Despite its long-term performance, gold remains structurally underrepresented: global financial assets of approximately $312 trillion are offset by only about $8.6 trillion in privately held gold. The fact that Morgan Stanley is now also promoting a “60/20/20” portfolio with a significantly higher weighting in gold underscores the potential for further gold reallocations.
Conservative target of USD 4,800 already reached – USD 8,900 as the next target
The conservative decade-long target of USD 4,800 by 2030, as outlined in the 2020 In Gold We Trust report, has already been reached. In line with the geopolitical macro environment, attention is now increasingly turning to the inflationary scenario of USD 8,900 by the end of the decade. Should current remonetization trends continue to intensify, the authors consider significantly higher gold prices to be conceivable. In the short term, however, there remains a risk of setbacks, especially given rising yields and increased market volatility.
Investment Risks and Important Disclosure
Relative to other sectors, precious metals and natural resources investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations. Risks related to extraction, storage and liquidity should also be considered.
Gold and precious metals are referred to with terms of art like "store of value," "safe haven" and "safe asset." These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.
Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and opinions are unique and may not be reflective of any Sprott entity or affiliate. Incrementum's views and opinions as presented in the In Gold We Trust Report and summarized above are separate and distinct from those held by Sprott. Forward-looking language should not be construed as predictive. While third-party sources are believed to be reliable, Sprott makes no guarantee as to their accuracy or timeliness. This information does not constitute an offer or solicitation and may not be relied upon or considered to be the rendering of tax, legal, accounting or professional advice.