Gold prices end the year a few percent below the values recorded 12 months ago.
The value of precious metals such as goldand silver fluctuated in US dollars over the past year, gold and silver price statistics for the past year show that prices have remained virtually unchanged from last year. Last 12 months
2022 has been an interesting year for gold.So on March 8, 2022, the precious metal hit a lifetime high when one ounce of gold reached $2,070 per unit. Silver peaked on the same day, the metal still has a long way to go before hitting the $40 mark per ounce achieved in 2011. Silver was very close to breaking the $27 mark on March 8, 2022.
Both precious metals performed much better than the two leading cryptocurrencies –bitcoin (BTC)Andethereum (ETH). According to metric data
December 23 Kitco News member Philip Streibleshared his predictions for the two precious metals. “By the end of the year , inflation should drop to 3-3.5%, resulting in gold prices averaging $1,950 per ounce, continuing at different periods to $2,000”, – Streible said.
“We need to see how the yield curve2’s vs. 10's becomes flatter and the silver can easily see the “green shoots” to the mid-highs of $30 and return to $28 by the end of the year”.
Just like cryptocurrencies and stock markets, goldand silver have been battered by macroeconomic storms and events such as Covid-19, the war between Ukraine and Russia, and the result of the global money supply expanding like never before in history. The US Federal Reserve has raised the federal funds rate six times to date to combat America's highest inflation rate in 40 years.
Gold bug and economist Peter Schiff believes thatgold and silver will perform well into 2023, but he is not as bullish on inflation as Streible. Schiff said there is a chance it could fall, but he expects the U.S. inflation rate to jump above 10%. “We won't get anywhere near 2 percent [inflation]. We might get below 7% before we get above 10%, but I think we'll hit the 2022 highs before the end of 2023 on an annualized basis”. – added the economist.