Kitco Survey Shows Retail Investors Expect Gold and Silver to Be Top Performers This Year

A new online survey conducted by Kitco shows that most retail investors expect silver and gold to be top performers this year. Silver ended 2022 up by almost 3% while gold finished flat. Spot silver kicked off 2022 at $23.28 an ounce and ended it at $23.93 an ounce, while spot gold opened last year at $1,828 per ounce and ended the year at around $1,822 per ounce.

Carsten Fritsch, an analyst at Commerzbank, stated that the price of gold was at the same level it was when 2022 began. Precious metals faced their biggest macro hurdle last year when the Federal Reserve tightened its cycle, causing a rapid hike in rates. Overall, rates rose by between 4.25% to 4.5% in 2022, by 425 basis points. Fritsch noted that considering the headwind generated by the rate hikes implemented by central banks, the performance of the silver, gold and platinum prices was exceptional.

This year, analysts expect silver and gold to do well as markets begin pricing in a Federal Reserve pivot.

The survey involved 896 respondents, with the results showing that 36.8% of retail investors expect silver to be a top performer in 2023 while 37.5% opted for gold. Copper was the third most popular asset, garnering 8% of the vote from retail investors.

The survey also shows that 4.7% of the vote was divided between Bitcoin and oil, with lithium and platinum also garnering 3.7% each. Data from the survey shows that palladium was a least favorite among retail investors, receiving less than 1% of the votes.

Analysts expect gold to rally given the current state of affairs, with the U.S. economy entering a recession, the Federal Reserve tightening monetary policy and the dollar peaking.

Dan Hynes, a senior commodity strategist at Australia and New Zealand Banking Group, also expects gold to outperform other markets as the recession progresses.

Everett Millman, a precious metals expert at Gainesville Coins, stated in an interview that silver had a lot of potential at its current price level despite being neglected by investors. Millman expects that silver will outperform gold; however, he also noted that noting that the available supply for silver investment products has been getting tighter, which may be an issue.

John LaForge, the head of real asset strategy at Wells Fargo, expects that while both gold and silver will do well in 2023, silver may perform better. Wells Fargo expects gold to reach between $1,900 and $2,000 this year, with LaForge noting that any movements in price indicate that the price may go even higher. Silver producers such as Hecla Mining Company (NYSE: HL) can possibly look forward to offering great shareholder value over the coming years.

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