What factor will have the most impact on the gold price in 2023?
For Brien Lundin, editor of Gold Newsletter, rhetoric from the US Federal Reserve is the key element to watch.
“It’s a topsy-turvy world, and everything’s driven by Fed policy, so that’s really all anyone needs to look at,” he said at this year’s Prospectors & Developers Association of Canada (PDAC) convention, held from March 5 to 8 in Toronto.
Although he emphasized that making predictions is tough, Lundin said he thinks the yellow metal could climb 20 percent in 2023.
“That would equate to a price of about US$2,300 (per ounce),” he said. “So I’m thinking we’re going to break the record this year, and I’m thinking we’re going to get into US$2,100 to US$2,300 range — but knock on wood.”
More importantly, he expects precious metals investors to have a good three to five years going forward.
“A lot of crazy stuff is going to be happening over the next few years, and gold I think will be seen as the stalwart, the bulwark of saftey, the safe haven through all of that. I think it’s going to be good to be in gold and silver and the mining stocks during that period,” Lundin explained to the Investing News Network on the sidelines of the show.
He’s currently “fully invested” in mining stocks, and doesn’t have room to add more to his portfolio.
“This is the time (to invest). The next couple of months, the next few months, I think is when the window will still be open, but it’s going to close pretty quickly after that,” he said.
Watch the interview above for more from Lundin on the gold market. You can also click here for the Investing News Network’s full PDAC playlist on YouTube.
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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.