Saturday 31 December 2022

A mixed 2022

The precious metals of Gold and Silver saw net December gains of +$66.30 (3.8%) to $1826.20, and +$2.26 (10.4%) to $24.04 respectively. For the year, Gold and Silver saw net yearly changes of -$2.40 (0.1%) and +$0.69 (2.9%) respectively.

Gold, monthly1b


Silver, monthly1b



Gold: ending the year on a positive note, settling in the $1826s. Price momentum ticked higher for a second month, if remaining on the moderately low side. The December candle offers increased confidence of a short term floor from the November $1618s. I would note the monthly 10MA at $1792, which was settled above.

Silver: a fourth consecutive net monthly gain, printing $24.51, and settling at $24.04. The December candle leans s/t bullish. Momentum ticked higher for a fourth consecutive month, and is prone to turning positive in January. I would note the monthly 10MA at $21.23, which silver settled decisively above. The silver bulls should be seeking a monthly settlement above $25.50. 

The problem... especially for silver, will be if the main market is broadly lower across Q1. A further downward pressure will be if the dollar resumes broadly upward. 


The gold to silver ratio stands at 75.97, which remains historically high. A valid natural target would be the 32s, as silver could be expected to outperform gold in an inflationary environment.



The gold to bitcoin ratio stands at 9.08, the lowest since autumn 2020. It sure would be interesting to see parity in this pair!


Considering the broadly stronger USD - a net 2022 gain of +768bps to DXY 103.27, Gold fared better in 2022 than it might at first seem. Both can rise together, especially in times of geo-political crisis.

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