With the new year ahead, “Why Gold? Why Now?” author EB Tucker shared his thoughts on gold and silver, saying that US$2,000 per ounce and US$30 per ounce are important levels for investors to watch.
“US$2,000’s got to be a 2023 story,” he told the Investing News Network when asked if gold could reach that key price this year. “The way it looks right now, you’re $60 away. I think it could happen fast.”
Pointing to gold’s rise of about US$300 since early November, Tucker said that the futures market sets the spot price, and activity in that arena has stopped weighing on the yellow metal over the last several months.
“The gold price is walking higher because I’m not seeing this shenanigans that we saw in the futures market keeping the gold price down. I’m not seeing that,” he explained during the conversation.
Predicting silver’s path this year is a little trickier. “The silver price has got to break US$30. That’s the deal. It’s got to break US$30,” said Tucker. “When is it going to break US$30? It could break US$30 in a couple of weeks, or it could take a year.”
He also spoke about the approach he thinks investors should take in 2023. “I think what you want to do is you want to do all your homework and figure out where you want to put your money. And you want to do that this quarter,” he said, adding that he expects the US Federal Reserve to keep raising interest rates until there is “massive pain.”
“Reality has not set in for companies and for people, and that’s going to happen fast,” Tucker continued. “When that happens, it’s going to be very quick, and I think you’re going to see new shifting of policies. You want to be ready before that happens.”
Watch the interview above for more from Tucker on gold, silver and how to invest this year.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Image and article originally from investingnews.com. Read the original article here.