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This video was filmed on December 12, 2022.
The gold price has moved higher over the last month and a half or so, but Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, believes the yellow metal’s rise isn’t going to last.
He said that while the metals could hold up heading into the end of the year, he’s still anticipating a “major top” in the stock market, as well as a corresponding rise in the US dollar. “If that happens, it’s going to put pressure on metals. And I do think we’re going to see gold break below US$1,600 (per ounce) and start to go much lower in 2023,” he said.
But there’s light at the end of the tunnel. “I do think probably in the first half of 2023, gold and silver and miners are going to put in what I think is going to be a major bottom — a supercycle bottom that’s going to lead to a multi-year rally,” said Vermeulen.
#Investing #Gold #Silver
0:00 – Intro
0:30 – Chris’ big picture view on gold
4:20 – Downside for gold and how to trade
9:55 – Second chance to catch run in gold stocks
11:54 – Financial markets due for a cleanse
15:45 – US dollar will put in big top, then decline
21:24 – Areas to watch (and avoid) next year
26:03 – Active management will be key in 2023
29:01 – Outro
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The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
