Gold prices to top $2,000 and silver to double on its way to $50 by 2023: Avi Gilburt

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Welcome to the Kitco News Outlook 2023 series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into recession to cool inflation. Stay tuned to Kitco News to learn from the experts on how to navigate the turbulent financial markets in 2023.

(Kitco News) – It’s going to be an interesting and exciting 2023 for gold and silver as one analyst sees prices rising significantly throughout the year and into 2024.

In an interview with Kitco News, Avi Gilburt, founder of, said that gold and silver are poised to rise after a two-year consolidation period. He sees gold prices solidly above $2,000, and said silver could easily double to over $40 an ounce and eventually pull back to its all-time highs at $50.

“I was taught that if you don’t have anything nice to say, then don’t say anything, and that’s the way it has been with gold and silver,” Gilburt said. “I’ve been biding my time and waiting to get set up for the next rally to $2,100.”

As for the long-term technical picture of gold, Gilburt said he has been tracking a five-wave rally in gold, returning to 2015 lows.

“In August 2020, we hit the top of the third wave. From then until we hit the bottom in early November of this year, we basically had a two-year consolidation into a fourth wave. Now we’re preparing for highest rocket in a fifth wave,” he said.

Gilburt added that traditionally, the fifth wave is quite powerful, with the potential for prices to go parabolic.

Gilburt markets gold through the world’s largest gold-backed ETF: SPDR Gold Shares (NYSE: GLD). He said his minimum target for GLD in 2023 is $220 per share.

“I wouldn’t be surprised if we go to $245 or $250. But $220 seems like a very reasonable target at this point,” he said.

However, before gold begins its biggest rally ever, Gilburt said he is looking for one more pullback. He said that he is looking for GLD to test support between $157 and $161, which is about a 6% decline from current prices. GLD last traded at $166.83 an ounce, virtually unchanged on the day.

“The next pullback will probably be a buying opportunity, and I could put stops around $155,” he said. “But with this setup, I’m looking to start getting aggressive in the complex, start using some leverage, start using some option plays.”

As for silver, Gilburt said he sees even more potential than gold.

“Silver is preparing for a third and a fifth wave over the next year, year and a half. Silver may replicate what we saw in 2010 and 2011. That price action was totally parabolic,” he said.

Gilburt said that because silver has lagged behind in the precious metals space for the past two years, it has a long way to go.

Similar to gold though, Gilburt said he is looking for one more selloff.

“I’m looking for a pullback towards the $21, $22 region in silver to set up the next big rally,” he said. “Long term, I’m looking for silver to reach $50, but that could take a few years. Prices could easily double in 2023 and the first half of 2024.”

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a request to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for loss and/or damage arising from the use of this publication.

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