Gold will reach new local highs in 2023, says Peter Grandich

Ace investor Peter Grandich supposes that the majority of markets will weaken soon. However, some assets are underestimated. These are gold and silver.

Peter Grandich is famous as the author of the book Confessions of a Wall Street Whiz Kid and the person who accurately predicted the fall of the cryptocurrency and asset market in 2022. During the interview with Kitco News, the investor shared his vision of the situation in 2023. 

Grandich thinks that the metal sector will see steady growth, caused by fundamental factors. According to him, gold and silver are in a favorable position because the purchases of central banks support the yellow metal. Gold's ability to maintain its position during the whole last year implies that any step of the Fed to more dovish policy will cause the growth of precious metal. The investor says that a new high is ahead.