By Frank Holmes
The price of gold stopped just short of hitting $1,960 an ounce last Thursday, its highest level since April 2022, before plunging below $1,900 on Friday following a stronger-than-expected U.S. jobs report, indicating that the current rate hike cycle may be far from over.
I don’t believe that this takes away from the fact that gold posted its best start to the year since 2015. The yellow metal rose 5.72% in January, compared to 8.39% in the same month eight years ago.
I also maintain my bullishness for gold and gold mining stocks in 2023. Gold was one of the very few bright spots in a dismal 2022, ending the year essentially flat, and I expect its performance to remain strong in the year ahead.