My Gold News | 21 February 2023

Gold At A 6-Month High As We Enter 2023

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Gold at a 6-month high as we enter 2023, with Silver even better

Global Nuggets


As we enter 2023, the prospects for both gold and silver are looking positive. At MyGold, we believe that there are several strong indicators that will further drive precious metals prices this year. We have good stocks of both precious metals as we go into a new year.

•    Crypto.  The collapse of the FTX cryptocurrency exchange in 2022 and the subsequent arrest of its CEO, Sam Bankman Fried, has highlighted the fragility of the crypto sector and put the spotlight on alternative more stable investment options such as gold and silver. The industry needs to clean up its act, plus expect more casualties in 2023. The Crypto slogan of 2022 ‘have fun staying poor’ rings hollow now. Gold and silver are tangible and real.

•    CBDC. Many MyGold customers are particularly concerned by the development of a central bank digital currency (CBDC) in New Zealand, and as a result, have chosen to increase their investments in precious metals. We see this trend continuing in 2023 – central governments will increasingly want to develop CBDC’s in order to control the money supply, which will push some investors further towards cash and precious metals.

•    Geopolitical concerns. Whilst these were optimal in 2022, with the Ukraine invasion and tensions between China and Taiwan, 2023 may bring new geo-risks on top of existing concerns, further adding to gold’s appeal. There is a real fear of an attack on US satellites, a space-based ‘Pearl Harbor’ scenario by Russia in which 70% of US military communications could be knocked out in one blow, according to Brandon Weichert, a leading US geopolitical analyst.

•    Global recession. The jury is out as to the severity of the recession globally in 2023; the more likely route will be a mild recession in the US and a more severe one in Europe. Inflation will likely start to come down in 2023 but will still be seen as being too high by end 2023. These factors will increase gold’s appeal, particularly as the metal historically performs well during recession.

•   US Dollar weakens. The weakness of both gold and silver in 2022 was exaggerated by the strength of the US dollar throughout the year. However, the pendulum has started swinging the other way, as the US dollar weakens against major global currencies. This has a positive effect on precious metals, pushing prices upwards, as we have seen in the past 2 weeks. We expect this trend to continue.  

Here are some nuggets from the around the world:

How a deeper Crypto crash could drive a gold run in 2023

Investors see silver rallying by over 50% in 2023

Could 2023 be the year of ‘Space Pearl Harbor’?

One third of the world in recession in 2023, says IMF

US$ to weaken in 2023