Natasha Kaneva is joined by Greg Shearer to discuss J.P. Morgan’s bullish forecast update for gold and silver prices and recent activity in the market including unprecedented levels of central bank purchases. While we have held a constructive view on gold and silver since last September, rebounds in the prices of both metals since late last year have outpaced our expectations as the US dollar weakened more than expected.  The recent post-payrolls jump higher in the US dollar  triggered some technical breaks in gold and silver taking some built up froth out of gold prices in particular.  However, we do not think its a game changer with both metals appearing poised to continue pushing higher in the coming quarters. Marking our price forecasts to market and embedding the latest JPM base case for falling US real yields and a largely neutral US dollar, we have upgraded our 2023 gold and silver price forecasts by around 10% and now see gold prices rising to average $2,045/oz in 4Q23 with silver increasing to an average of $26.6/oz.

Speakers

Natasha Kaneva, Head of Global Oil and Commodities Research

Greg Shearer, Head of Base and Precious Metals Research

This podcast was recorded on 10 February 2023.

This communication is provided for information purposes only. Institutional clients can view the related report https://www.jpmm.com/research/content/GPS-4325246-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.