Gold prices will increase by at least 14% in 2023 as the yellow metal sets up for a very bullish year, according to precious metals analysts.
Analysis carried out by Rhona O’Connell of StoneX pinpoints four key drivers which are already in play as being central to price increases this year. She cites stagflation, higher levels of central bank demand for gold, a weaker U.S. dollar and increased geopolitical tensions as bullish for the yellow metal. The continual presence of these four factors will create new record high pricing before the year is out.
She said, “The long-dollar trade is unwinding, and the liquidity in the system is looking for fresh homes, and there has clearly been professional positioning in the gold market early this year in anticipation of the Fed reversal and investors always looking to be ahead of the game have been moving into gold. We can also see tangible shifts in the CFTC managed money positioning.
“The global bifurcation is likely to drive continued diversification from countries while others absorb gold for risk aversion and credibility in the international markets. And one of the other elements that the World Gold Council pointed to as why central banks want gold is for its role in a crisis.”
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