Retail investors see gold and silver as top performers in 2023 - Kitco survey

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Retail investors see gold and silver as top performers in 2023 - Kitco survey
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Retail investors see gold and silver as top performers in 2023 - Kitco survey outlook investing 2023

With precious metal picking up momentum towards the end of the year, Main Street investors look for gold and silver to be the top performers in the new year, according to Kitco's online survey.

The biggest macro hurdle for precious metals in 2022 was the historic tightening cycle by the Federal Reserve, which saw the most rapid hiking pace since the early 1980s. Overall, rates climbed by 425 basis points in 2022, rising to a range between 4.25%-4.5%. Capital Economics sees the Fed cutting rates in the second half of 2023."Although the economy appears to have held up in the fourth quarter ... a recession is on the way, which will help to reduce inflationary pressures further. The upshot is that, despite the Fed's continued hawkishness, we still expect interest rates to be falling again by late 2023," said Capital Economics chief North America economist Paul Ashworth.

The DoubleLine Capital CEO pointed to gold's predictive behavior when explaining why the precious metal is starting to move up."Maybe this is predictive, looking forward to a weaker dollar … Dollar has peaked out," he said. "In the last couple of months, with all the talk about the Fed pivoting, gold started to perk up. In 2023, both gold and silver will do well. Silver might do even better," LaForge said.

Many analysts are even more bullish on silver in the new year."I am a little more positive on silver now that we are back to $23. It is the high-beta play," LaForge added."Over a supercycle, which is 10+ years, percentage-wise, silver does better than gold. That's what happened during the last cycle between 1999 and 2011. That is typical," LaForge said.

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