Gold price to $2,200, silver to $30 in 2023 - Degussa gold silver Degussa
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
The bullish outlook comes as gold prices hold solid gains above $1,900 an ounce, with the U.S. dollar index trading around 102.17 points. "Just nine months of tightening financial conditions has resulted in the cratering of the housing market, a crash in cryptocurrencies, a derivatives debacle for British pension funds, and the collapse of a major cryptocurrency exchange. What tail risks will the next nine months bring as a slowing economy is likely to be added to the mix?" the analysts said.
Along with U.S. dollar weakness, VanEck expects the ongoing inflation threat to make gold an attractive hedge to preserve wealth. The analysts said it is unlikely the Federal Reserve has gotten inflation under control. They noted that the government's burgeoning debt, which has reached $31.3 trillion national debt, equal to 124% of GDP, is becoming a significant expense.
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