Update: These 7 Analysts To Miss Their 2023 Gold Price Targets – Badly

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The following 7 analysts were brave enough, might we say foolish enough, to put their forecasts of where the price of gold would end up at by the end of 2023, in writing, which I highlighted in an article back on April 26th, and NONE of them have come even close with just 3 weeks to go.Their forecasts ranged from $2,500 to $4,000 per troy ounce, averaging $3,365.  Here are the details:

  • Mike Fuljenz: $2,500 to $3,000+ 

    • “My conservative estimate would put it between $2,500 an ounce and just over $3,000 an ounce but it wouldn’t hurt my feelings to see it even higher, so now is the time to buy gold and silver.” Source 
  • David Hunter: $3,000

    •  “My target [is] $3,000 by the end of the summer, which could mean Labor Day, but it could stretch into September.” Source
  • Ole Hansen of Saxo Bank: $3,000 

    • “Not only is the Fed expecting to end its tightening cycle, but the threat of a global recession will force central banks to pump liquidity back into global financial markets which should drive gold prices to at least $3,000 in 2023.” Source
  • Zach Scheidt: $3,000 

    • ‘Lower rates could trigger a perfect environment for gold to trade up to $3,000 (or even higher) within the next year [i.e. by the end of 2023].” Source
  • Robert Kiyosaki: $3,800

    • “I predict silver going to $75 and gold to $3,800 in 2023.” Source
  • Juerg Kiener: $4,000 

    • “Gold prices could surge to $4,000 per ounce in 2023 as interest rate hikes and recession fears keep markets volatile.” Source
  • Frank Holmes: $4,000 

    • Back in 2020 Holmes said (paraphrased) ‘If history repeats itself like it did in the 3-year period from 2008/09 to 2011 when gold went from a $750 – $800 range up to $1,900 and were we to have the same expansion of the balance sheet of the Fed and, if cycles are exactly the same, then gold could go to $4,000.’ Source
  • Average Forecast For 2023: $3,329 to $3,400/ozt. More By This Author:Micro/Small Cap Companies Using AI In Drug Discovery Up 35% In November
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