2023 Will See Gold Hitting Minimum $1,955
When I was in Slovenia a few years back, my wife and I travelled to the national park and decided to book a canyoning adventure. With canyoning, the idea is that water holes, created along the ridge and within the rock formation, offer great spots to jump into the cold water or to rappel down to the pools.
It’s fun and exciting, but the highlight of the attraction is the final descent. We reached the edge of a cliff and the guide hooked shackles onto the rock and asked that we sit patiently, as we each rappelled a 30-meter waterfall, with the stream rushing down on our heads.
If you’ve ever done something like this, you know that the first step in the process, once the rope is connected to your midsection, is to lean back and walk down, with your back facing the abyss and your face towards the rock, until the cliff disappears altogether and you’re left hanging 30 meters in the air, with nothing but the waterfall.
If one wants to get back down, this is a bottleneck area and the only other way to get back to the starting point is to walk all the way back, uphill, so if you’re scared about rappelling a 30-meter waterfall while being tied to a rope, you’ll need to face your fears.
There’s no plan B in these; if you want to finish your adventure, this is the grand finale.
There are some things that you do because they make you feel alive, but when you are in the middle of doing them, you doubt your judgement and think to yourself, “Why do I need this?”
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The Federal Reserve isn’t hiking interest rates for the rush or the thrill or to test the limits of our economy; they’re doing it because we were close to the edge of the cliff, not connected to any rope or harness, and were about to step off the ledge. They had to stop us, mostly because it was their fault that we weren’t secured to a shackle in the first place.
Courtesy: Zerohedge.com, Bloomberg
As you can see, the Federal Reserve and the global central banks were pumping INSANE AMOUNTS of credit into the global economy. Now we must turn the tables on this bubble, which has led to a painful 2022 for stocks and bonds and will further lead to a mild recession in 2023, which is the chief catalyst for a DOLLAR BEAR MARKET.
Those who understand this dynamic are about to shift to buying gold.
In our view, the first half of 2023 will be good for gold, but the 2nd half will be even better.
Our forecast is that the FED gets the FED Funds Rate to 5.00%, by raising 50bps in December and by 25bps three times in the first half of the year, until a JUNE PAUSE.
Then, in December 2023, we believe the first cut might be announced.
By that time, we believe gold could be comfortably trading at about $1,950 and perhaps even over $2,000, before hitting a new all-time high in 2024.
This is a great time for gold and in the 2nd half of 2023, silver will join gold’s rally into much higher levels, on hopes of China reopening.
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