Gold is kicking off the new year with a bang. The yellow metal rose to six-month highs early Tuesday, and experts believe gold prices are only going to go higher. “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,” explained Eric Strand, manager of the AuAg ESG Gold Mining ETF. “We, therefore, believe gold will end 2023 at least 20% higher, and we also see miners outperforming gold with a factor of two.” In other news, Wedbush Securities managing director Dan Ives is warning of an economic “Category 5 storm” brewing in the markets.

Fox Business
Economic ‘Category 5 storm’ brewing in 2023, market expert warns

After the most volatile year for the stock market since 2008, Wedbush Securities managing director Dan Ives warned on “Mornings with Maria” Tuesday that Big Tech companies still need to “rip the Band-Aid off” in terms of layoffs as a “Category 5 storm” threatens the macroeconomic picture for 2023.

You can read the full story, here.

CNBC/Elliot Smith
Gold surges to 6-month high, and analysts expect records in 2023

The price of gold notched a six-month high early Tuesday, and analysts believe the rally has further to go in 2023.

Spot gold peaked just below $1,850 per troy ounce in the early hours, before easing off to trade around $1,838.60 per ounce. U.S. gold futures were up 1% at $1,845.10.

Gold prices have been on a general incline since the beginning of November as market turbulence, rising recession expectations and more gold purchases from central banks underpinned demand.

Continue reading, here.

Yahoo Finance/Myles Udland
U.S. consumers have spent more than $1 trillion saved up during the pandemic

U.S. consumers have made a healthy dent in savings stockpiles accumulated during the pandemic.

And this drawdown presents a challenge for the economy in 2023.

New data from JPMorgan Asset Management published Monday shows estimated “excess savings” from U.S. households now stand at $900 billion, down from a peak of $2.1 trillion in early 2021 and roughly $1.9 trillion at the beginning of last year.

These savings have been drawn down as the personal savings rate has fallen sharply from historic highs seen during the pandemic.

Read the full article, here.

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