Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
Tim Murphy
Precious Metals Advisor
Tim Murphy is a Precious Metals Advisor with over 15 years of experience. He started on the New York Commodity Exchange floor before founding his own brokerage firm. Tim joined Scottsdale Bullion & Coin to leverage the small-company feel with national exposure, focusing on personalized, client-first service and fostering long-term relationships.
“It’s an exciting time for gold and silver right now.”– Tim Murphy
2022 was a challenging year for investors. Markets tanked, inflation surged, and geopolitical tensions reached new heights. The silver lining moving into 2023 is an uptick in precious metal performance.
Everything points to a strong year for gold and silver. Watch the video to hear Precious Metal Advisors Tim Murphy and Joe Elkjer explain why gold prices are headed higher and why investors should consider investing soon.
Tangible Assets Take a Front Seat
Mainstream assets had a terrible run throughout the previous year. The stock market put on its worst performance since 2008, bonds topped out, and the real estate market is facing a massive correction. In response to the market going belly-up, gold and silver prices gained steam. That momentum is expected to carry on, making 2023 a big year for gold and silver.
Just earlier this week, Bank of America reported that gold would be a “mainstay” for the next three years. The premier precious metal has been holding steady above $1,900/oz since the start of the year, and silver’s price performance has been similarly promising.
Central Bank Buying Booms
Gold’s promising 2023 outlook is attracting some of the biggest buyers of precious metals. Central banks across the globe are scooping up more gold in anticipation of worsening economic conditions and as an alternative to reliance on the USD which is facing significant backlash.
China alone has over 20,000 tons of gold reserves, and the CCP just added a significant chunk to its stockpiles in Q4 of 2022. Russia is another major buyer as both countries seek to buck US hegemony. The ploy seems to be working as Saudi Arabia considers accepting currencies other than the USD when trading oil, suggesting the potential rise of the petroyuan.
High Demand Strains Supplies
The demand for gold is mirroring the protracted economic downturn as investors continue moving more of their wealth into safe havens. The New York and London exchanges are depleted compared to normal levels as they struggle to keep up with demand. It’s not something that’s hitting the front page of most publications, but it’s a highly influential event.
Gold spot prices are already inching toward record highs, and silver is expected to follow suit. It’s common for silver spot prices to lag slightly behind the ringleader of precious metals. However, it can jump up a few dollars in price without warning and never look back. That’s why it’s crucial for investors to buy gold and silver sooner rather than later.
Don’t Wait to Buy Gold (and Silver), Buy Gold (and Silver) and Wait
Gold and silver markets are already showing signs that point to a strong year ahead. Big-money investors such as central banks and institutions are doubling down on their gold investments by adding to their stockpiles. The economic conditions such as inflation and US dollar weakness that drove investors to safe havens in the first place are showing no signs of slowing down.
It’s critical that investors buy gold and silver before prices take off. Don’t wait on the sidelines trying to time the market perfectly. It’s always better to get in now and wait until prices inevitably move higher.
Take the first step to investing in gold and silver by requesting a FREE COPY of our Precious Metals Investment Guide today.
