Gareth Soloway of InTheMoneyStocks also shared his thoughts on how US stimulus talks have impacted the market.
In a year that’s already been full of turmoil, the approaching US presidential election is injecting even more uncertainty into the markets.
However, that doesn’t mean there aren’t potential opportunities for investors to profit as the November 3 vote draws near. Speaking to the Investing News Network, Gareth Soloway, chief market strategist at InTheMoneyStocks, identified several areas to watch over the next month.
Aside from marijuana, he mentioned Unite States Steel (NYSE:X) as a company that’s been beaten down, but could be interesting assuming a Joe Biden win and more infrastructure spending.
Soloway also made the case for staying in cash during this time, saying that for some market participants, particularly those who are older, it may be the safest thing to do.
“People always look at it like, if I’m not in the market, I’m not in the game and I can’t make money,” he said. “But people also need to look at it like, if you’re in cash, you’re safe.”
He mentioned that investing in gold and cryptocurrencies may also offer an element of safety at this time. “But there’s nothing wrong with sitting on the sidelines,” Soloway emphasized. “In fact, you’ll sleep a lot better during this period being in cash, I can promise you that.”
Speaking more specifically about gold, he said he sees the yellow metal’s price going even higher than it already is — potentially reaching US$5,000 per ounce in the next three to five years.
“It’s really because the printing of money is not going to stop,” said Soloway. “The only time it’s going to stop is when people aren’t willing to lend the US any more money, but that is a ways away at this point.”
For more from Soloway on gold and market activity ahead of the US election, watch the video above.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.