Gold prices fall slightly below value at the end of the year Recorded 12 months ago. According to December 26, 2021 stats, the US dollar value per ounce of gold is $1,810 per unit, while gold is currently worth $1,797 per ounce. Silver, on the other hand, rose slightly in value from last year as the price rose from his $23.04 per unit to the current USD value of about $23.72 on December 26, 2022.
Gold Lost Hair Last Year, Silver Gained Bit — Precious metal assets managed to hold value throughout the year despite macroeconomic woes and energy crisis
On the other hand, precious metals such as gold and silver last year saw year-to-date price statistics for gold and silver showing prices to be about the same as last year. Gold has been trading at $1,810 an ounce for the past 12 months, so it’s down a bit and today is trading at $1,797 an ounce, down 0.71%. Silver was $23.04 an ounce and is now up 2.95% to $23.72 an ounce.
2022 was an interesting year for gold. Precious metals have reached all-time highs. On March 8, 2022, an ounce of gold hit $2,070 per unit. Silver hit a high on the same day but still has a long way to go before catching up with the $40 an ounce range reached in 2011.25}
Both precious metals far outperformed the top two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH).BTC is down 66% from this time last year, whileETH is down over 70% from last year, according to the indicator. Like cryptocurrency fans, precious metals proponents believe 2023 will see a bullish comeback in terms of silver and gold rising in value. Kitco News contributor Phillip Streible shared his predictions on the two precious metals on Dec. 23.
Gold prices have averaged $1,950 an ounce, and in some periods he has risen by more than $2,000,” he said. “While we should see a flattening of the 2 and 10 yield curves, silver could easily see a ‘green shoot’ to the high $30s, returning to $28 by the end of the year.”
Similar to cryptocurrencies and stock markets, gold and silver are vulnerable to macroeconomic storms and the consequences of Covid-19, the Ukrainian/Russian war, and the expansion of the global money supply to unprecedented levels in history. I have received The US Federal Reserve has so far increased the Federal Funds rate by a factor of 6 to combat the highest inflation rate in the US in over 40 years.
Goldworm and economist Peter Schiff believes gold and silver will do well in 2023, but he is less optimistic about inflation than Strivebull. Speaking with Kitco News anchor David Lin, Schiff said he expects US inflation to exceed 10%, although it could fall.
“Inflation hasn’t reached 2% for him,” Schiff said. “It may fall below 7% before it crosses 10%, but by the end of 2023 it will surpass its 2022 high on a year-on-year basis,” the economist added.
What do you think of the market performance of gold and silver in 2022? Let us know what you think about this subject in the comments section.
Image Credits: Shutterstock, Pixabay, Wiki Commons
