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12/29/22 Gold Price Rises Toward $1,900

  8/14/23 US loss of AAA badge a reminder of 'regime shift' for government debt   7/18/23 Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June   7/6/23 Investors have more to lose without gold in their portfolio - WGC   5/19/23 Gold price could 'easily' regain $2k next week as more debt ceiling troubles ahead - analysts   5/10/23 Gold to outperform silver this year as recession risks build, says Bloomberg Intelligence   5/6/23 TEXAS HOUSE COMMITTEE PASSES BILL TO CREATE GOLD AND SILVER-BACKED DIGITAL CURRENCIES   5/3/23 Debt ceiling showdown: 5 possible outcomes   4/27/23 S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway   4/25/23 Debt crisis is a scary white swan for US economy   4/20/23 Gold price firmer as bulls stabilize the market   4/19/23 Gold price falls below $2,000 as market readjusts rate hike expectations   4/13/23 Dumping the Dollar: Will a new BRICS currency replace the US currency for trade?   3/14/23 Gold is the only true measure of value in our growing multipolar world - Byron King   3/9/23 Silver price to rise 1,000% as gold hits $5k by 2027, governments to "debase" their currencies - Rob McEwen   2/28/23 Gold below $1,600 vs. above $2,000: it depends on whether the Fed breaks the economy   2/23/23 Gold prices remains under pressure as U.S. Q4 GDP increased 2.7%, inflation remains persistently high   2/17/23 Sentiment suggests gold prices to struggle next week, but analysts see a potential buying opportunity   1/24/23 Gold eases off nine-month peak as U.S. dollar, yields gain   1/19/23 Gold price firmer on chart-based buying interest   1/17/23 PRECIOUS-Gold retreats as dollar gains upper hand   1/10/23 2023: Big Year for Gold, Silver and Platinum Prices   1/5/23 Demand for Gold by Central Banks Rose Its Fastest in 55 Years   1/3/23 Gold surges to 6-month high, and analysts expect records in 2023   12/29/22 Gold Price Rises Toward $1,900   12/19/22 Gold $3000 in 2023?   12/27/22 Outlook 2023 Investors were underweight gold in 2022, don't make the same mistake in 2023 - Frank Holmes   12/15/2022 Gold Ready to "Explode"
  12/29/22 Gold Price Rises Toward $1,900 (1)

Gold Price Rises Toward $1,900

 

Douglas A. McIntyre

December 29, 2022 7:30 am

Gold, which has been a hedge against rocky markets for decades, is in the midst of a surge. Most likely, that is because people who can afford it are panicked by the stock market sell-off and trouble in the real estate markets. Gold’s price is heading toward $1,900 an ounce, against a price of just about $1,600 in mid-September.

The price of gold today is about $1,825, but it has been in a pattern of rapid increase. Another reason for the rise in the price is that, in some nations, there are ravenous buyers. One of these is China. Bob Haberkorn, a senior market strategist at RJO Futures, told MarketWatch, “Gold is following the decisions by China to further ease COVID restrictions, on the anticipation of higher demand from the region and in spite of rising yields.”

Central banks across the world are also buying gold. This is particularly so in nations where inflation has become a major problem. The central bank in Turkey has been the most aggressive buyer recently. It bought 31.17 tonnes in the third quarter, according to the World Gold Council. Nations where the central bank sold gold sold very little. Among these was the United States, with the largest central bank reserves at 8,133 tonnes. It sold 0.01 tonnes.

Gold has been used as a means to counter drops in home prices. Based on data from the National Association of Realtors, Kitco journalists pointed out that gold topped $1,800 as pending home sales fell 4% in December. Since most evidence points to a drop in both home sales and prices, the upward pressure on gold will continue. Home market price risk will extend well into next year, giving gold’s upward march more support.

Gold is rarely covered in daily financial news like stock markets and real estate market data. As inflation continues to be the major economic challenge, that will change.

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