Todd Bubba Horwitz, the chief market strategist of BubbaTrading.com, believes there will be a “commodities boom,” including gold, silver, and platinum, in 2023. “Gold feels, as do silver and platinum, like they want to explode to the upside,” he told Kitco News. “They’re not waiting for an event, but an opportunity, to attract some new-money buyers that will push them out of these ranges that they’ve been trading at for quite a while.” The prediction comes as the Fed projects that it will hike interest rates as high as 5.1% in 2023 before ending its fight against runaway inflation. On Wednesday, officials announced a 50 basis point rate hike, which took the borrowing rate to a targeted range between 4.25% and 4.5%—the highest level in 15 years.

Kitco News/Cornelius Christian
Gold is waiting for ‘opportunity’ to ‘explode’, 2023 will be a ‘commodities boom’ – Todd Bubba Horwitz

The gold price held steady despite Wednesday’s announcement of a 50 bps hike in the Federal Funds Rate. The precious metal ended the day trading at $1,802 per ounce, down only $5.30 over the day.

These price movements signal that gold has a significant “upside,” according to Todd Bubba Horwitz, Editor of BubbaTrading.com.

“Gold feels, as does silver and platinum, like they want to explode to the upside,” he said. “They’re not waiting for an event, but an opportunity, to attract some new-money buyers that will push them out of these ranges that they’ve been trading at for quite a while.”

He predicted that in addition to precious metals performing well, 2023 would be a general “commodities boom.”

“I think in 2023, we’re going to have a commodities boom, and that includes the hard asset commodities of gold, silver, and platinum,” he said.

You can read the full story, here.

CNBC/Yun Li
The Fed projects raising rates as high as 5.1% before ending inflation battle

The Federal Reserve will hike interest rates to as high as 5.1% in 2023 before the central bank ends its fight against runaway inflation, according to its median forecast released Wednesday.

The expected “terminal rate” of 5.1% is equivalent to a target range of 5%-5.25%. The forecast is higher than the 4.6% projected by the Fed in September.

The Fed announced a 50 basis point rate hike Wednesday, taking the borrowing rate to a targeted range between 4.25% and 4.5%, the highest level in 15 years.

You can read the full story, here.

Yahoo Finance/Myles Udland
The Fed doesn’t think its recession forecast is forecasting recession: Morning Brief

The Federal Reserve expects an economic downturn next year.

But just don’t call it a recession.

In its latest Summary of Economic Projections released Wednesday, Fed officials said they expect GDP growth at the end of next year to stand at just 0.5% while the unemployment rate is set to rise from its current level of 3.7% to 4.6%.

These projections were released alongside the Fed’s last monetary policy decision of 2022, which saw the central bank raise the target range for its benchmark interest rate by 0.5%, as expected.

Read the full story, here.

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