1,000% Bullish! Gold & Silver Prices Will EXPLODE INSTANTLY After This - Peter Grandich
Gold and silver prices are modestly down in quieter midday U.S. trading August,14. The price of gold reached the lowest it's been in five months, and the price of silver reached the lowest in six weeks. Gold and silver bulls remain very timid to start the trading week as the U.S. dollar index is higher and as the near-term technical postures for both metals are bearish.
Peter Grandich, Founder of PeterGrandich.com, predicts that the price target for gold is $2500 and the price target for silver is $30. However, it is important to note that the price could also break to the downside and go a lot lower.
The London Bullion Market Association has shared their predictions for the prices of precious metals in the upcoming year, 2023. On average, they predict that the price of gold will be around $1859 during the year, with the highest possible price reaching $2025. For silver, the average prediction is about $23, and the highest expected price is $27.
Grandich points out that silver is now used more in industry, making it almost as valuable as gold. So, it's a good idea to own both gold and silver, with a bit more gold than silver.
Only 10-15% of annual gold demand worldwide comes from industrial use, the rest going to jewelry and silver investment. In 2022, the global jewelry industry accounted for 234.1 million ounces of the global demand for silver. That was 18.8 percent of the total global silver demand that year.
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