The first half of 2023 in the gold markets
The first six months of 2023 brought serious volatility to the global gold market. The year started for a sharp uptrend for the traditional safe haven asset, followed by a 7% correction. What are investors to do now?
The first three months of the year saw massive buy pressure due to the banking crisis. Three large US banks (Silicon Valley Bank, Signature Bank, and First Republic) were on the brink of collapse after failing to hedge their interest rate risks – and even Credit Suisse had to be bailed out by UBS on the insistence of the Swiss National Bank (SNB).
The banking crisis may not be over, but it can’t compare to the one of 2008-2011, when over 400 US banks went bust.
From the point of view of yields, gold may not look as attractive as stocks or cryptocurrencies. But considering the crisis and the inflation, it will remain the first choice for many investors.
Those who buy gold and silver usually aren’t after high short-term yields. Rather, they value gold as a store of value that will last many generations. That’s why it’s usually investors looking for a stabilizer asset that add gold to their portfolios.
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