Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
Harmon added that gold's technical picture has been solidly bullish since prices bounced off the November 2-year lows at $1,618 an ounce. "The one thing that continues to stand out for me is that we have been a bull market for bonds for 35 years. It really felt to me that 2022 changed that; we are seeing a secular change in bonds. We don't know the implication of this shift because everybody that is investing right now has only lived in an environment where bond prices go up," he said.
As to how much gold an investor should have in their portfolio, Harmon said that 1% to 2% could be appropriate. He added that he doesn't see gold as a traditional inflation hedge, as its price is driven mainly by investor demand.
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