Gold edges higher to close out productive week
Hathaway says gold built solid technical base in 2022, setting stage for strong advance in 2023

(USAGOLD – 1/13/2023) – Gold edged higher in early trading as it looks to finish out what’s been a productive week. It is up $3.50 at $1903. Silver is down 7¢ at $23.77. On the week, gold is up 1.84%, and silver is down .83%. It’s beginning to look like gold might be running into some resistance at the $1900 level. Long-time market analyst John Hathaway says that gold spent 2022 building “a solid base” in technical terms that has set the stage in 2023 for “a strong advance to new record highs against the supposedly invincible U.S. dollar.”

“2023 will reveal that the gross mispricing of financial assets that led to the worst performance of financial markets since 2008 has been only partially resolved,” says Hathaway in an analysis posted earlier this month. “We believe the bear market [in stocks and bonds] is far from over, even though investment sentiment is more negative than at the market lows of 2002 and 2008 (AAII Investor Sentiment Survey). With the economy likely to slump into a protracted recession, the Federal Reserve (‘Fed’) will be forced to abort its anti-inflation campaign. A Fed reversal could give temporary respite to financial assets. More importantly, it could underscore the dependency of public policy on money printing and provide a significant boost to the precious metals sector.”

Gold and silver price gains
(Five years)

Chart courtesy  of TradingView.com