Silver and gold – The stored value of precious metals this year exceeds that of crypto assets in 2022

Gold prices are ending the year a hair below the values recorded 12 months ago. Statistics from December 26, 2021 show that the U.S. dollar value of an ounce of gold was $1,810 per unit, and today gold is at $1,797 per ounce. Silver, on the other hand, has managed to increase its value by a hair since last year, as prices have risen from $23.04 per unit to the current U.S. dollar value of approximately $23.72 on December 26, 2022.

Gold has lost a hair over the past year, while silver has gained some ground – Precious metal assets have managed to hold their value throughout the year despite the macroeconomic calamity and energy crisis.

While precious metals like gold and silver have fluctuated in value in U.S. dollar terms over the past year, year-to-date gold and silver price statistics show that prices are about the same as last year. Gold is down slightly over the past 12 months, as it was trading at $1,810 per ounce and is now trading at $1,797 per ounce, down 0.71%. Silver was trading at $23.04 per ounce and today is up 2.95% at $23.72 per ounce.

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Silver and gold - The stored value of precious metals this year surpasses that of crypto-assets in 2022
One-year silver chart via Tradingview on December 26, 2022.

The year 2022 was an interesting one for gold, as the precious metal hit a lifetime price high on March 8, 2022, with an ounce of gold reaching $2,070 a pop. While silver peaked on the same day, the metal still has a long way to go before it catches up to the $40 per ounce range it reached in 2011. Silver came very close to breaking the $27 per unit range on March 8, 2022.

Silver and gold - Precious metals stored value this year surpassing crypto assets in 2022
One-year gold chart via Tradingview on December 26, 2022.

The two precious metals have done much better than the two major crypto-currencies: bitcoin and ethereum. Metrics show BTC is down 66% since this time last year, and Ethereum is down just over 70% since last year. Like crypto-currency fans, precious metals advocates believe that 2023 will see a bullish revival in terms of the value of silver and gold rising. Kitco News contributor Phillip Streible shared his predictions for the two precious metals on Dec. 23.

By the end of the year [2023] inflation is expected to fall to 3-3.5%, leading to a gold price averaging $1,950/oz, with extensions to over $2,000 at various times“, said Phillip Streible. “We should see a flattening of the yield curve between 2- and 10-year bonds, while silver could easily see ‘green shoots’ in the mid-30s, before returning to $28 by year-end.

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Like crypto-currencies and stock markets, gold and silver have been affected by the macroeconomic storm and events like Covid-19, the Ukraine/Russia war, and the result of the expansion of the global money supply like never before in history. The U.S. Federal Reserve has raised the federal funds rate six times so far to combat America’s highest inflation rates in over 40 years.

Goldman and economist Peter Schiff thinks gold and silver will do well in 2023 as well, but he’s not as optimistic about the inflation rate as Phillip Streible. Speaking with Kitco News host David Lin, Peter Schiff said there is a chance it could go down, but he expects the U.S. inflation rate to exceed 10%.

We won’t get close to 2%.“. noted Peter Schiff. “Maybe we’ll get below 7 percent before we get above 10 percent, but I think we’re going to break out the 2022 highs before the end of 2023 on an annual basis” the economist added.

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