Gareth Soloway, president and chief market strategist at inthemoneystocks.com, predicts that gold will outperform cryptocurrencies and stocks by 2023. In an interview published Thursday, Soloway emphasized his belief that “gold will outperform ” this year and claimed that the US Federal Reserve will not cut rates until a “massively nasty recession” occurs.
Gold to Overtake Major Assets by 2023: Strategist Gareth Soloway’s Market Prediction
Many analysts, market strategists, and economists are making predictions about asset prices and performance in 2023. Some predict gold and cryptocurrencies to perform well, while others expect less favorable results.
On January 27, 2023, in an interview published Thursday, Kitco newscaster and producer David Lin speak with Gareth Soloway, Chairman of inthemoneystocks.com, on the outlook for gold and cryptocurrencies as Bitcoin (BTC). Soloway expressed his strong belief in gold’s performance this year, telling Lin that he will outperform most major assets.
“I still think gold will be the best performer (this year),” Soloway told the host. “You can’t ignore the fact that the Fed is now keeping interest rates where they are. They’re probably going to tighten a bit more, but the bottom line is they’re not going to look to cut until we see a massively nasty recession,” added the market strategist.
Financial analyst Soloway isn’t the only one who believes gold prices will rise this year. During the first week of 2023, Bitcoin.com News reported that experts suspect a significant increase in gold prices. Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, predicts that gold will hit $3,800 an ounce and silver will hit $75 an ounce by 2023.
Bloomberg Intelligence commodities analyst Mike McGlone also has high hopes for gold, but predicts that cryptocurrencies like bitcoin will outperform most asset classes. Soloway does not expect similar performance from Bitcoin (BTC) and suggests BTC it could drop to $9,000 per coin. The inthemoneystocks.com executive said:
I would venture to say that without the Federal Reserve money printing, bitcoin is headed towards twelve or thirteen thousand, and maybe as low as $9,000.
Soloway discussed his previous market calls that turned out to be accurate, explaining that when he started trading, there was no guidance. He believes that trading courses can be beneficial for traders.
Despite a gain of more than 40% so far in 2023 and an increase of more than 38% in the last 30 days, Soloway noted that Bitcoin (BTC) it is still more than 65% below its all-time high. Referring to BTCOn the recent rise, Soloway said that “it’s a nice bounce,” but he strongly believes that Bitcoin is “still in a general downtrend.”
What do you think of Gareth Soloway’s predictions for gold and cryptocurrencies in 2023? Do you agree or disagree with his point of view, and why? Share your thoughts from him in the comments section below.
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