Bloomberg Intelligence strategists say that gold could be the top-performing commodity of 2023 if the world enters a recession, which many experts are expecting in the new year. “Our base case is toward a global deflationary reset that will shift central-bank tightening to easing, underpinning gold,” said Bloomberg Intelligence senior macro strategist Mike McGlone. “Gold appears poised to be a top commodity performer in 2023 if the world enters a recession.” In his latest YouTube video, retired entrepreneur, investor, and founder of Smart Money Tracker Premium.com, Gary Savage, explains how a gold-buying opportunity is coming next week.
Kitco News/Anna Golubova
Top commodity performer of 2023? Bloomberg Intelligence points to gold
Gold could be the top commodity performer in 2023 as central banks shift to easing after their aggressive tightening cycles that defined this year and limited gold’s price action, said Bloomberg Intelligence in its outlook.
“Our base case is toward a global deflationary reset that will shift central-bank tightening to easing, underpinning gold,” said Bloomberg Intelligence senior macro strategist Mike McGlone. “Gold appears poised to be a top commodity performer in 2023 if the world enters a recession.”
Gold has formed a good foundation between $1,600 and $1,700 an ounce as the Federal Reserve proceeded to hike rates in its most aggressive tightening cycle in about 40 years. But that is likely ending soon, leading to a softer U.S. dollar in the future, noted McGlone.
You can read the full story, here.
Smart Money Tracker via GoldSeek/Gary Savage
Gold Buying Opportunity Coming
Next week’s FOMC meeting has two possibilities: Trigger for the cycle to top or for it to bottom.
Precious metals retail traders leveraged too much in the short term trying to make it rich quick. What we will likely see is the markets correct, a rally in the US Dollar which opens the possibility for the commodities to correct and attack gold.
You can watch his full video, here.
Jamie Dimon says inflation eroding consumer wealth may cause recession next year
JPMorgan Chase CEO Jamie Dimon said that inflation could tip the U.S. economy into recession next year.
While consumers and companies are currently in good shape, that may not last much longer, Dimon said Tuesday on CNBC’s “Squawk Box.” Consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021, he said.
“Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid-year next year,” Dimon said. “When you’re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about.”
Read the full story, here.