International Monetary Fund Chief Kristalina Georgieva says the IMF expects one-third of the world economy to be in a recession this year. Because of that, some experts believe gold prices could increase. Edmund Moy, a former director of the U.S. Mint, said gold “usually rises during a recession, high inflation, or economic uncertainty.” He thinks prices could top “$2,100 or more.” Bill Baruch, President of Blue Line Futures, is warning that “it’s going to be a very choppy market, a very volatile market” in 2023.

MarketWatch/Myra P. Saefong
IMF’s Georgieva expects one-third of the world economy to be in recession this year. That could bolster gold.

Gold recently climbed to its highest prices in nearly seven months, feeding expectations that the precious metal is on track to notch record highs this year, after closing out 2022 with a modest loss.

Gold “noticeably” appreciated by about $200 an ounce from November to the end of last year, and continued that trend in the first few days of January 2023, says Edmund Moy, a former director of the U.S. Mint.

Futures prices for gold GC00, +0.54% GCG23, +0.54%, based on the most-active contract, finished last year with a loss of 0.1%, but posted gains of 7.3% in November and 3.8% in December.

You can read the full story, here.

TF Metals Report via GoldSeek/Craig Hemke
One Step Beyond – A Forecast for Gold and Silver in 2023

In our 2022 macrocast, it was stated that the only thing predictable about the year ahead would be its unpredictable nature and wild volatility. Well, at least we got that right.

So, one year ends and a new year begins. The year 2022 unfolded in a manner similar to years past when The Fed was allowed to pretend and promote the idea of responsibility, prudence and balance sheet reduction. You might have thought that, collectively, the markets would have learned by now to see through this nonsense and, in a way, it appears they have.

If, in January of 2022, I had written that the dollar index was set to spike 25% and that nominal rates were going to double, triple or quadruple depending upon duration, I’m pretty sure that it would have come with a forecast of sharply lower precious metal prices. Instead, at the close of 2022, Comex gold prices were down just $2.50. Yes, you read that right. On the year, gold was down $2.50 or about 0.13%. Comex silver fared even better with a gain of 63¢ and a closing price of $24.01. That’s up 2.7% on the year.

Continue reading Craig’s full prediction, here.

Kitco News/Cornelius Christian
The Fed to pause hiking in February, ‘sharp’ rallies expected – Bill Baruch

Given recent data suggesting that the economy is in “deterioration” and inflation has “come down,” the Federal Reserve is likely to pause its tightening cycle in February, according to Bill Baruch, President of Blue Line Futures. In particular, he cited manufacturing data, which show that prices paid for inputs dropped to their lowest level “since the start of the pandemic.”

“I think there is a good chance that we don’t see the Fed hike at all in February,” he predicted. “We could see something from them that would surprise the markets, come the first week of February.”

He added that although 2023 will be characterized by “volatile” trends, markets would rally.

“It’s going to be a very choppy market, a very volatile market,” he said. “[But] the market could really rally very sharply to start the year.”

Watch the full interview, here.

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