The Rise in Gold, Silver and Bitcoin Prices Captures the Mood of the 2023 Holiday Season

In observation of the Thanksgiving holiday, there will be no SWOT sections this week. Regular market insight and analysis by our portfolio management team will return next week. Please enjoy the special commentary by Frank Holmes, and we wish everyone a happy, healthy and relaxing weekend.

The 2023 holiday season is officially upon us. Happy Black Friday and Cyber Monday to those who observe!

This year appears to be one of contractions. I see a resilient consumer, with U.S. retail sales well above the five-year average, but I also see a looming sense of economic uncertainty. According to a recent Bankrate survey, around half of American adults say they’re worse off economically today than when President Joe Biden took office, with nearly 70% citing an increase in the cost of living.

The 2023 narrative, then, isn’t just about holiday cheer and shopping sprees. It’s about how consumers are hedging their bets against economic unpredictability, turning to real assets like gold, silver and Bitcoin as stores of value.

Consumer Spending And Retail Realities

First, let’s examine the outlook for holiday spending. According to Deloitte’s Holiday Retail Survey, consumers are poised to spend an average of $1,652 this holiday season, a 14% increase compared to last year. Those making $200,000 or more plan to spend almost $4,000, up from an average of around $3,200 last year. These figures eclipse pre-pandemic spending levels, suggesting a return to normalcy.

holiday spend 2023