Director of the U.S. Mint not surprised if gold set new records, “topping $2,100 or more.”
Gold price closed at new high for the year at $1,920, feeding expectations that the precious metal is on track to notch record highs this year, after closing out 2022 with a modest loss.
Gold price raise $200 or +11.1% an ounce from November to the end of last year, and continued to trend up in the first few days of January 2023.
Weakness in the dollar and expectations of the Federal Reserve’s interest-rate hikes to start modeling prompted gold to start making its upward move. The global economy is forecasting a worse year than last year, and the gold price usually rises during a recession, high inflation, or economic uncertainty.
Director of the U.S. Mint Edmund Moy believes signs of gold prices are pointing higher this year, and he wouldn’t be surprised if gold set new records, “topping $2,100 or more.”
History replete itself
Gold typically sees gains in January, according to Adrian Ash, director of research at BullionVault. Gold futures climbed in each of the Januarys. Precious metals may benefit as investors use the start of January to review their portfolios and rebalance their holdings of bullion.
This month may also bring “heavy demand to invest in gold because looking at the 12 months ahead wealth managers and private investors alike focus on potential risks to their money, so they’re choosing to buy a little investment insurance for protection.