Fun

Silver and Gold — Precious Metals Stored Value This Year Outperforming Crypto Assets in 2022

News Feed - 2022-12-27 04:12:11

Silver and Gold — Precious Metals Stored Value This Year Outperforming Crypto Assets in 2022


Gold prices are ending the year a hair below the values recorded 12 months ago. Statistics on Dec. 26, 2021, show the U.S. dollar value per ounce of gold was $1,810 per unit, and today gold is $1,797 per ounce. Silver, on the other hand, managed to increase a hair in value since last year, as prices climbed from $23.04 per unit to the current USD value of around $23.72 on Dec. 26, 2022. Gold Dropped a Hair During the Last Year, While Silver Rose a Touch — Precious Metal Assets Managed to Hold Value All Year Long Despite the Macroeconomic Calamity and Energy Crisis


While precious metals like gold and silver fluctuated in U.S. dollar value during the last year, gold and silver year-to-date price statistics show prices are pretty much the same as last year. Gold is down a touch during the last 12 months as it was trading for $1,810 per ounce and today it’s trading 0.71% lower at $1,797 per ounce. Silver was $23.04 per ounce and today it’s 2.95% higher in value at $23.72 an ounce. Silver one year chart via Tradingview on Dec. 26, 2022.


2022 was an interesting year for gold as the precious metal reached a lifetime price high on March 8, 2022, as one ounce of gold reached $2,070 per unit. While silver tapped a high on the same day, the metal still has a long way to go before catching up to the $40 an ounce range reached in 2011. Silver came awfully close to surpassing the $27 per unit range on March 8, 2022. Gold one year chart via Tradingview on Dec. 26, 2022.


Both precious metals did a lot better than the top two cryptocurrencies bitcoin (BTC) and ethereum (ETH). Metrics show BTC is down 66% since this time last year, and ETH has lost a touch more than 70% since last year. Like cryptocurrency fans, precious metals advocates think 2023 will see a bullish revival in terms of silver and gold rising in value. Kitco News contributor Phillip Streible shared his predictions for the two precious metals on Dec. 23.


“By year-end [2023], inflation should decline to 3-3.5%, leading to gold prices averaging $1,950/oz with extensions up over $2,000 at different periods,” Streible said. “We should see the 2’s vs. 10’s yield curve flatten while Silver could easily see ‘green shoots’ up into the mid-high $ ’30s, settling back to $28 by year-end.”


Like cryptocurrencies and equity markets, gold and silver have been affected by the macroeconomic storm and events like Covid-19, the Ukraine/Russia war, and the result of expanding the world’s money supply like no other time in history. The U.S. Federal Reserve has increased the federal funds rate six times so far in order to combat America’s highest inflation rates in over 40 years.


The gold bug and economist Peter Schiff believes gold and silver will do well in 2023 as well but he’s not as optimistic about the inflation rate as Streible. Speaking with Kitco News anchor David Lin, Schiff said there’s a chance it could drop but he expects the U.S. inflation rate to jump above 10%.


“We’re not getting anywhere near 2 percent [inflation],” Schiff remarked. “Maybe we’ll go below 7 percent before we go above 10 percent, but I think we’re going to take out the highs from 2022 before the end of 2023 on a year-over-year basis,” the economist added. Tags in this story 2022, 2023, analyst, Bitcoin (BTC), Crypto markets, David Lin, Economist, End of the Year, gold, gold and silver, Gold Bug, Gold Prices, inflation, Kitco News, Market Price Update, Markets, ounces, Peter Schiff, Phillip Streible, Precious Metal Markets, Predictions, silver, Silver Ounce, Silver Prices, troy ounces


What do you think about gold’s and silver’s market performances in 2022? What do you think about Phillip Streible’s and Peter Schiff’s opinions about inflation and precious metal prices? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: LTC Climbs to 10-Day High on Monday MARKET UPDATES | 7 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas MARKET UPDATES | 10 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: LTC Climbs to 10-Day High on Monday Next article2 NFT Projects Plan to Transition From Solana to Alternative Blockchains Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

SEC tries again for Debt Box suit dismissal with option to refile
Derek Andersen2 hours agoSEC tries again for Debt Box suit dismissal with option to refileThe SEC says case dismissal without prejudice is “normally granted” when a plaintiff requests it, but the court has criticized
This Bitcoin Pullback Mirrors 2017’s Path To Parabolic Highs, Says Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
‘Dark Skippy’ method can steal Bitcoin hardware wallet keys
Christopher Roark1 hour ago‘Dark Skippy’ method can steal Bitcoin hardware wallet keysMalicious firmware can embed secret data into a public Bitcoin transaction, which the attacker can then use to extract a person’
Tom Blackstone14 hours agoGoogle Chrome launches built-in user tracking for advertisersChrome’s Privacy Sandbox tracks users’ behavior within the browser instead of relying on third-party cookies.2779 Total views16 T
Ethereum To $3,400? On-Chain Shows No Big Hurdles Ahead
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia
Bitcoin Cash Represents 93% of November"s Crypto Spending in Australia News.Bitcoin.com recently reported on web portal Bitcoinbch.com’s in-depth report, which detailed BCH
Onyx protocol exploited a second time for $3.8M via known bug
Christopher Roark10 hours agoOnyx protocol exploited a second time for $3.8M via known bugThe decentralized finance app lost nearly $4 million thanks to an interaction between an old bug and a new input validation vulner
Tiago Serôdio11 hours agoWhy traditional marketers fail in Web3: Avoiding these failuresIn the world of Web3, where the tangible often blurs with the intangible, remember this: Your community"s value isn"t just in what
Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20,000, as Crypto Volatility Continues
Bitcoin, Ethereum Technical Analysis: BTC Hovers Slightly Above $20,000, as Crypto Volatility Continues BTC was trading higher on hump day, as bullish momentum picked up as the wee
Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins Trading
Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins TradingFollowing the regulatory sandbox approval by Canadian regulators, Wealthsimple announced that it has launched &
Savannah Fortis13 hours agoCrypto community responds to Kraken lawsuit, Deaton slams ‘dishonorable’ GenslerThe crypto community, including prominent industry lawyers and U.S. Senator Cynthia Lummis, is sounding off a
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy On Tuesday, Digital Currency Group’s (DCG) mining subsidiary, Foundry Digital