JPM's 2023 Gold & Silver Outlook Says $1860 and $25.10
HAPPY THANKSGIVING. IT IS BUY SEASON
Housekeeping: We are off today and tomorrow and hope you all are as well.
JPM’s Precious and Base Metals 2023 outlook just came out.
Gold Excerpt
After forming a volatile bottom in the coming months, we see gold prices recovering over the course of next year to average $1,860/oz in 4Q23.
Falling real yields and an unwind in stinging dollar strength will likely open the upside for gold prices over the later stages of 2023.
An unwind in stinging dollar strength will likely open the upside for gold prices over the later stages of 2023.
Even with a bullish baseline forecast, we think risk is skewed to the upside in 2023.
GRAPHS AND ANALYSIS AT BOTTOM…
Silver Excerpt
More volatile silver forecasted to follow gold higher over 2H23, jumping to a 4Q23 average of $25.1/oz.
Very strong Indian demand has been a key at insulating the downside in silver over 2H22
Moreover, with China more fully reopened and its industrial demand expected to be hitting full stride, we think silver could outperform gold as both rally into year-end 2023
The gold-to-silver ratio should fall towards 74.
CONTINUES AT BOTTOM…
Platinum & Palladium
Platinum looks primed for a bullish recovery over 2023 and is among our top picks for upside next year across metals.
In contrast, we remain structurally bearish on palladium over the medium term and expect a further correction lower in prices over the course of 2023 and 2024
CONTINUES AT BOTTOM…
GoldFix Comments on The Report
The Buy Season1 reports we promised would happen are now coming out. Know that based on this JPM report (see below), the Goldman report we reviewed 2 weeks ago here for their better clients, and both metals’ short covering immense strength the last 2 weeks we can say with very high confidence: