Investors See Gold and Silver As 2023 Top Performers

Above, a 1928 Peace silver dollar. Photo by Armand Vaquer.

We're in a new year and precious metals retail investors are predicting what commodities will be 2023's top performers.

According to Kitco News:

(Kitco News) With precious metal picking up momentum towards the end of the year, Main Street investors look for gold and silver to be the top performers in the new year, according to Kitco's online survey.

Gold ended the year flat, while silver finished up nearly 3% in 2022. Spot gold kicked off 2022 at around $1,828 an ounce and ended it at just above $1,822 an ounce. Spot silver opened last year at $23.28 an ounce and ended the year at $23.93 an ounce.

"Thanks to an impressive recovery in the final quarter, the gold price ended the year at virtually the same level it began it," said Commerzbank analyst Carsten Fritsch.

The biggest macro hurdle for precious metals in 2022 was the historic tightening cycle by the Federal Reserve, which saw the most rapid hiking pace since the early 1980s. Overall, rates climbed by 425 basis points in 2022, rising to a range between 4.25%-4.5%.

"In view of the considerable headwind generated by the pronounced rate hikes implemented by central banks, in particular the Fed, last year's performance of the gold, silver and platinum prices was thus remarkable," Fritsch noted.

Looking into the new year, analysts see gold and silver doing well as markets start to price in a Fed pivot.

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