Craig Hemke – Investors In 2023 Should Be Concerned With The Macro Trends, Not Trading Every Blip
Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss a number of macroeconomic trends and themes he feels are key for 2023 as it unfolds, which make the case for a longer-term bullish setup in the precious metals sector.
We start off reflecting on the continued run higher in gold into the new year, hitting the $1900 level today, but notes that silver is stuck around the $24 level, and this may point to a corrective digestive period in the PMs in the near term. This ties into other near-term aspects on the calendar this month like Chinese New Year, the Feb futures contract rolling over at month end, and the oversold nature of the US dollar, which could have a relief rally soon. Craig feels it quite improbable though, to see a larger extended move down in the metals and mining stocks, and does not think a final washout in the sector is likely or even necessary at this point.
Next we dive more into some of the macro themes from his recent podcast at TF Metals (which is linked below this interview for anyone to listen to). These relate to how he sees the potential economic weakness and contraction in 2023 unfolding, and as the growing data of the recession increases in intensity, that the Fed will eventually need to change course and backstop the markets; in a similar manner to how things did in both 2010 and 2019. Craig emphasized it will be wise to be patient, block out a lot of the mainstream financial media noise which has been constantly wrong-footed, and instead focus on what actually plays out with regards to interest rates, currencies, monetary policy, and the technical set up on the charts in the year to come.