With the new year ahead, “Why Gold? Why now?” Author EB Tucker shared his thoughts on gold and silver, saying that $2,000 an ounce and $30 an ounce are important levels for investors to watch.
“$2,000 has to be a 2023 story,” he told Investing News Network when asked if gold could hit that key price this year. “The way it looks right now, you’re $60 away. I think it could happen fast.”
Pointing to gold’s rise of around $300 since early November, Tucker said the futures market sets the spot price and that activity in that field has stopped affecting the yellow metal in recent months.
“The price of gold is going up because I don’t see these shenanigans that we saw in the futures market keeping the price of gold down. I don’t see that,” she explained during the conversation.
Predicting the path of silver this year is a bit more complicated. “The price of silver has to be above $30. That’s the deal. It has to be above $30,” Tucker said. “When is it going to break $30? It could break $30 in a couple of weeks, or it could take a year.”
He also spoke about the approach he thinks investors should take in 2023. “I think what you want to do is do all your homework and figure out where you want to put your money. And you want to do that this quarter,” he said, adding that he hopes the US Federal Reserve will keep raising interest rates until there is “massive pain”.
“Reality hasn’t set in for businesses and people, and that will happen fast,” Tucker continued. “When that happens, it will be very fast, and I think you will see new policy changes. You have to be ready before that happens.”
Watch the interview above to learn more from Tucker on gold, silver and how to invest this year.
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Securities Disclosure: I, Charlotte McLeod, do not have any direct investment interest in any of the companies mentioned in this article.
Editorial disclosure: Investing News Network does not guarantee the accuracy or completeness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the views of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
