Mish’s Daily: Gold is the Featured Pick of 2023
Mish’s Daily: Gold is the Featured Pick of 2023
You don’t want to miss Mish’s 2023 Market Outlook E-available now
Written by Michele ‘Mish’ Schneider and Wade Dawson
From page 55 of How to Grow Your Wealth in 2023:
“Overall, the gold futures have the lion share of our interest, (as referenced earlier in this Outlook). We wrote about the silver/gold ratio and how classically, that has been a reliable indicator for inflation. Our thesis though, is that both do well, but gold explodes higher and faster.
The weekly chart in SPDR Gold Shares (GLD) have cleared the 50-week moving average with a strong finish for the first week of January.
We predict gold prices could double!
With central banks’ failed policies possibly leading to more economic chaos, add the weakening of the U.S. dollar, those are just a couple of market drivers to look for.
Several factors, including inflation, industrial demand, low inventories, market tightness, and the gold-silver price ratio at near historic levels, lead management to believe Silver’s price is also likely to increase dramatically in 2023.
“Both gold and silver are in bullish weekly phases. Both well outperform the benchmark. Both have a lot of upside to go in momentum. Should the 50-WMA in Real Motion crossover the 200-WMA, then that would be the final technical indicator to suggest much higher prices to come. I am going to go out on a limb here and say that gold can see $5000 an ounce by 2024.” How to Grow Your Wealth in 2023
And that’s not all we predict.
In our ten macro themes with visual perspectives we cover geopolitical challenges, climate change, inflation pressure, social unrest, and government expenditures to name a few.
Furthermore, many of our top picks have already begun to make big moves-and that is just in the first week of the year!
Names like TECK Resources (TECK) and emerging markets such as Mexico (EWW) had an explosive week.
Last year, many investors were caught unaware of the impact higher interest rates would have on the indices and overall equity markets.
But not us.
We closed out the year in the green. And after this past week, we are up substantially-already well outperforming the S&P 500.
We wrote this e-book to help you have a very profitable 2023. We wrote it to give you direction and to help you tune out the media noise.
Unlocking your potential for profiting from these trends could be easier than you think.
Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.
For more detailed trading information, contact Rob Quinn, our Chief Strategy Consultant, to learn more about Mish’s Premium trading service.
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“I grew my money tree and so can you!”- Mish Schneider
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ETF Summary
S&P 500 (SPY) 384 support and 392 resistance
Russell 2000 (IWM) 172 pivotal support and 180 resistance
Dow (DIA) 330 support and 337 resistance.
Nasdaq (QQQ) 265 support and 272 resistance
Regional banks (KRE) 56 support and resistance 61.
Semiconductors (SMH) Support is 205 and 216 resistance.
Transportation (IYT) 208 pivotal support and 215 is now resistance.
Biotechnology (IBB) 130 is pivotal support 138 overhead resistance.
Retail (XRT) 60 pivotal support and 66 is now resistance.
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