Gold is poised for a strong surge that could lead to new all-time high prices in 2023 and beyond. As a long-time follower of the precious metal market, there are several unique catalysts currently present that may contribute to higher gold prices. If you're underexposed or have no exposure, now might be the time to reconsider that stance. Here are three potential catalysts for higher gold prices in 2023.

First, the emergence of a multipolar world and rapid dedollarization could be a significant risk that benefits gold prices. The end of the petrodollar and the possible rise of a multipolar world, with the U.S. on one side and China on the other, may lead to changes in the way commodities are traded. As the U.S. dollar's dominance in global trade declines, gold, which is priced in dollars, could benefit from dedollarization.

Second, the acceleration of the liquidity crisis and the return of quantitative easing (QE) may also contribute to higher gold prices. The U.S. banking industry has been under pressure due to unrealized losses, leading to the failure of two large firms this year and a significant drop in depositor confidence. In the event of a full-blown recession, the Federal Reserve may have no choice but to implement another cycle of QE, which could boost gold prices.

Lastly, worsening diplomatic relations between the U.S. and its allies, and Russia and China, could also play a role in driving gold prices higher. The U.S. is currently facing two Cold Wars with Russia and China, and in times of geopolitical risk and uncertainty, investors have historically turned to gold for protection.

To take advantage of these catalysts, consider following the 10% Golden Rule, which involves allocating 5% of your portfolio to physical gold and the other 5% to high-quality gold mining stocks, mutual funds, and ETFs. If you're unsure where to start, the ABC Investment Plan offers a simple and affordable way to begin investing in gold-related funds using dollar-cost averaging and financial discipline.