Peter Grandich, who correctly predicted crypto and stock market crashes in 2022, sees gold reaching new highs. “Gold and silver are acting very, very well,” he told Kitco News, adding that the central banks’ purchases are helping to support gold. “The fact that it was able to hold its own during last year suggested that any easing off [by the Fed] is going to see gold go higher. Personally, I think we’ll make a new high in it.” He also predicts a bear market that will last for years. “I’ll go far to say that I don’t think we’ll ever make a new high in my lifetime now. I really think it’s going to be very difficult for several years for the stock market to have double-digit gains.” In other news, newly released data indicated that the CPI for December showed a 6.5% rise in prices over last year.

Kitco News/Ernest Hoffman
Gold will hit new highs in 2023, but the stock market will suffer for years – Peter Grandich

Peter Grandich, who correctly predicted the market crashes for both crypto and stocks in 2022, just shared his predictions for 2023 with Kitco News. The veteran investor said that while he sees weakness across most markets for the foreseeable future, there are still undervalued assets that he expects to outperform.

Grandich told Kitco News anchor David Lin that as far as the stock market is concerned, he sees a bear market lasting many years. “I’ll go far to say that I don’t think we’ll ever make a new high in my lifetime now,” Grandich said. “I really think it’s going to be very difficult for several years for the stock market to have double-digit gains.”

You can read the full story, here.

Yahoo Finance/Alexandra Semenova
December CPI: Inflation rises 6.5% over last year

Inflation rose at a slower rate again in the final month of 2022, a welcome downtrend in consumer prices after the Federal Reserve raised interest rates to the highest level in 15 years.

The Consumer Price Index (CPI) for December showed a 6.5% rise in prices over last year and a 0.1% decrease over the prior month, government data showed Thursday, on par with consensus estimates compiled by Bloomberg.

On a “core” basis, which strips out the volatile food and energy components of the report, prices climbed 5.7% year-over-year and 0.3% over the prior month. The core CPI readings also came in as expected, based on Bloomberg’s forecasts.

Continue reading Craig’s full prediction, here.

Politico/Brian Faler
What’s worse than a recession? A recession with tax hikes

No one planned it this way, but business taxes are going up just as the economy faces the risk of going into a recession.

A combination of tax increases pushed through by Democrats, as well as ones created by Republicans years ago, would add to the strain on employers’ finances if a downturn hits, as some economists are predicting.

Altogether, the hikes — which range from a brand new corporate minimum tax to restrictions on some key deductions — are projected to cost businesses more than $100 billion this year, which is about one-quarter of their total tax bill for 2022.

You can read the full article here, here.

About the Author

60 Years Experience

REQUEST YOUR FREE
GOLD IRA GUIDE

By clicking the button above, you agree to our Privacy Policy and authorize Red Rock Secured or someone acting on its behalf to contact you by email, text message, pre-recorded message, or telephone technology on a recorded line, for marketing purposes. Consent is not a condition of any purchase.