Gold up marginally as attention turns to Tuesday’s inflation report
Holmes undaunted by recent gold selloff, sees strong year ahead

(USAGOLD – 2/10/2023) – Gold is up marginally this morning as financial markets turned their attention to Tuesday’s consumer inflation report. It is up $3 at $1866. Silver is up 13¢ at $22.18. Trading Economics forecasts a 6.3% annualized inflation rate for January as compared to December’s 6.5% reading. Global Investor’s Franks Holmes is undaunted by gold’s reversal from the $1960 mark over the past ten days.

“I don’t believe that this takes away from the fact that gold posted its best start to the year since 2015,” he says in an update posted this morning at Bullion Vault. The yellow metal rose 5.72% in January, compared to 8.39% in the same month eight years ago.…Gold was one of the very few bright spots in a dismal 2022, ending the year essentially flat, and I expect its performance to remain strong in the year ahead.”

Gold and the purchasing power of the US dollar
(1971-2022)
Chart courtesy of TradingView.com • • • Click to enlarge