Gold prices will break through to hit record highs in 2023, according to Leigh Goehring who says that persistent inflation will be no match for the bullish momentum fuelling the precious metal.
Saying that now is the time to buy, Goehring noted that the early signs of a gold breakthrough came last year, when prices climbed above £1,633 ($2,000). “Gold is going to hit record highs this year,” he predicts. “In August of 2020, we peaked at £1,674 ($2,050), and then again in March 2022. This year we’re going to break through the all-time high. It’s time for people to want to be bullish on gold.”
Although Federal Reserve Chairman Jerome Powell has hailed the beginning of a decline in inflation, Goehring believes the actual situation is more complex and when interest rate hikes stop, an upswing will occur, as we saw in the 1970s. In the near term, the end of rate hikes will propel gold to smash through its present all-time high and set a brand new record.
“Back to the 1970s, when people saw that inflation was still a big problem, that’s when the gold price began to go crazy after bottoming at the end of 1976,” Goehring explains. “That’s why this next move is going to be so exciting. There’s no overhead resistance. I don’t know how high gold can go. I wouldn’t be surprised to see a £2,450 ($3,000) price this year.”
In the longer term, Goehring expects that there will be a mindset shift, which will see gold thriving even during periods of inflation.
Make no mistake, with gold prices expected to reach £2,450 ($3,000) before the end of 2023, there is no time to wait. Don’t delay. Buy gold now.
