Gold is in 'penalty box': Wells Fargo on why gold's next move hinges on silver gold silver outlook
The silver market is signaling that gold's weakness is temporary after the yellow metal’s recent run, according to Wells Fargo's head of real asset strategy John LaForge.
With only a few days left in 2022, markets look exhausted."Stocks have been in a straight march lower. And gold has been taking its cue from risk-on assets like stocks more than reacting to the Fed," LaForge said. Wells Fargo sees gold between $1,900 and $2,000 next year."If we can hit that, my bias is to increase those targets," he pointed out.
Silver could even hit its new record highs, above $48 an ounce, in this supercycle, but that could still be five years away, according to LaForge."New highs are not typical until the back half of the new supercycle. Those new highs in silver, if they were to occur, would still be five years away. We are only in year three of this bull supercycle," he said.The anticipated Fed pivot is the main trigger behind higher gold and silver prices next year.
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