Analysts expect 2023 to be year of gold

Chief economist at Euro Pacific Capital is bullish on gold. In his view, gold will climb in the coming year. Now he is even more bullish that demand for the yellow metal will rise.

Doug Casey shares Schiff's opinion. He expects 2023 to be the “year of gold.”

Gold traded mostly sideways in 2022. This may be disappointing to investors who were expecting a rally. However, given that major central banks worked hard to fight inflation in 2022, gold has had better performance than most other assets, despite the surge in dollar and higher interest rates.

As Schiff said, most investors do not realize that the game has changed. The global slowdown and high inflation are likely, and people will have to live in these conditions. Central banks will not cut interest rates to zero, but in real terms they will still be negative.

Casey expects gold to surge on remonetization rumors. The BRICS nations want to drop US dollar use for various reasons. Investors who already forgot about gold would turn to it on fears about currency depreciation.