Gold inches higher ahead of Powell speech later today
Norman sees Goldilocks’ year for gold – ‘not too hot, not too cold’

(USAGOLD – 2/7/2023) – Gold inched higher ahead of a speech later today by Fed Chairman Powell before the Washington Economic Club. It is up $5 at $1873. Silver is down 11¢ at $22.23. The markets will be watching to see if Powell takes the opportunity to address Friday’s explosive jobs number. Ross Norman, who has won the London Bullion Market Association’s annual price forecasting contest a number of times, sees 2023 as a Goldilocks’ year for gold– “not too hot, not too cold.”

“The four key positive factors we see in gold’s favour,” he says in a Linked-In post,” are scope for increased speculative longs as the market trends higher, a shift in the tide in ETF demand from redemptions to creations as institutions re-enter the market looking for diversification, ongoing official purchases in a polarised world and ongoing strength in physical demand from the economically literate.” He sees gold ranging between $1834 and $2070 in 2023 as “headwinds turn into tailwinds.”

Cartoon courtesy of MichaelPRamirez.com