London Bullion Market Association (LBMA) Sees 10% Higher Gold & 50% Higher Silver Prices in 2023

The London Bullion Market Association held its annual conference in Lisbon, Portugal. Members were polled for their outlook on precious metals. These are the world’s leading gold miners, refiners and bullion traders from the largest bullion firms in the world.

Specifically, the average forecast of LBMA experts puts gold up in 2023 about 10%. They see silver up over 50%. The poll was taken Tuesday, October 18th.

The major reasons for the super-bullish silver outlook include: (1) a widening deficit of global supply vs. demand, depleting silver stockpiles; (2) recent shortages at Mints and fabrication plants, causing premiums of up to $14 per ounce (wholesale); (3) more hoarding, less selling by investors; (4) rising industrial demand in a variety of new uses, including solar panels, and 5 ounces per new electric vehicle; and (5) dislocations in global silver supply chains, especially with China curbing outflows to the rest of the world.

A CNBC panel held on December 22 debated the fate of gold next year. One panelist, Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital, said gold could surge to $4,000 next year as interest rate hikes and recession fears keep markets volatile

On CNBC’s Asia-based program, “Street Signs Asia,” Kiener predicted gold would reach a range of between $2,500 and $4,000 next year. He said gold’s move “is not going to be just 10% or 20%,” but a move that will “really make new highs.” He said recessions in the first quarter in many nations will cause a slowdown in rate increases, which will make gold more attractive, especially for central bank buying.