“We see 2023 being a “goldilocks” year for gold … not too hot and not too cold. Central to understanding gold will be movements in the US dollar – and we’re mildly bearish about the dollar, given that we are more sanguine than most about expectations of a serious recession. By extension, as the macro improves, so should gold. After two static years, we expect gold to perform positively as headwinds turn into tailwinds, with the possibility of seeing a triple-top all-time high. That’s to say we see scope for gains, but not outrageously so.”
USAGOLD note: Norman has a history of getting it right on his annual forecasts, so we give his forecasts special attention. He sees the possibility of a return to record levels at $2070 per ounce in 2023. The forecast also includes his price targets for silver, platinum, and palladium.