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Gold setting up for an “explosive” move to the upside

Gold is gearing up for an “explosive” move to the upside, with a new all-time price high on the cards within the next 12 months, according to the portfolio manager for an exchange-traded fund.

Eric Strand, of AuAG ESG, says in his outlook for 2023 that gold is positioning itself nicely for a definitive push to the upside as we close out the year. The precious metal has gained 11% in the last month and is now targeting a mammoth new high.

“We anticipate a new all-time high for gold during 2023 and the start of a new secular bull market when the price goes over £1,729 ($2,100) per troy ounce,” Strand said. What’s more, the portfolio manager is confident that this move won’t be fleeting, with the higher price levels expected to be maintained for the long term. “It is our opinion that central banks will pivot on their rate hikes and become dovish during 2023, which will ignite an explosive move for gold for years to come,” he added.

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