According to him, the policy of the Federal Reserve and the accompanying strengthening of the US dollar could eventually lead to a massive increase in precious metals after a downtrend reversal.
According to Mancini, the price of gold could recover if inflation continues to decline. And with October's inflation data coming in better than expected, he thinks that could be a positive sign in the short term: “I think we're in a pretty good position for 2023 next year. There are some good signs that inflation in the mining sector has peaked.”
He recommends holding gold as markets will continue to suffer from inflationary pressures in 2023. “We already see that the economy is weakening a little. If we have a recession next year, then the price of gold will rise,” Mancini said.
According to the analyst, the price of gold may recover and eventually even rise to $10,000 per ounce. He justifies this bold prediction by saying that investors are looking for a way to invest their money amid the ongoing chaos: “It will take a very long time [...] When the public gets scared what to do with their money, then gold will quickly reach $10,000.”