Is The Roller Coaster Going Straight Up In 2023?????
Posted on January 19, 2023
I’ll bet you didn’t realize that less than three years ago in the middle of March 2020 the price of gold dropped down to $1,470 an ounce. And I would guess that you didn’t realize that twice since then it was as high as $2,040 and $2,060. During that three-year period it was like a roller coaster ride at Cedar Point. Those are 25-35% swings depending how you use the math to figure the percentages.
It's funny, my regular gold and silver buyers seem to have put their purchases on hold at these current levels, but the reality is that we are not even close to pushing any record levels. So, I would suggest that the roller coaster may be in the barn for a while and it is time for the buying to continue or in some cases, begin. It would not surprise me to see the metals steadily rise to $2,500+ gold and $35+ silver in 2023. Some things make me feel that that might even be conservative. One other nice thing to think about is that other than American Eagles, gold and silver premiums on the physical metals have returned to almost 5 years ago levels. I saw one ounce Silver South African Rands at Spot+$2.60 my cost, that premium is $3.00 less per ounce than just two months ago.
We have inventory of Silver Canadian Maples and Austrian Philharmonics for sale and have a few hundred Silver Eagles on order, to have around for those who will buy only American. While Eagles are expensive, it seems they have been maintaining a good spread for the customer when we buy them back too. Hopefully that will start to be a common part of the buying and selling equation.
The economy, our government and world turmoil would indicate that a portion of metals in your pocket makes all the sense in the world. The time and conditions are right for the metals to take off.