VIDEO — Gareth Soloway: Gold, Silver, Bitcoin and More — Price Predictions for 2023
"I think that in 2023 gold will outperform, (but) my guess is in 2024 Bitcoin will be the best performer," said Gareth Soloway of InTheMoneyStocks.com.
Gareth Soloway: Gold, Silver, Bitcoin and More — Price Predictions for 2023youtu.be
Gareth Soloway, chief market strategist at InTheMoneyStocks.com, predicted that gold would outperform both Bitcoin and the S&P 500 (INDEXSP:.INX) in 2022, and he's calling for the same thing to happen in 2023.
"I don't like repeating myself, but if (gold is) going to be the best performer, it's the best performer," he told the Investing News Network. "I think that in 2023 gold will outperform, (but) my guess is in 2024 Bitcoin will be the best performer."
Soloway sees stocks struggling as a multi-year recession begins by the second half of next year, and noted that he doesn't see the S&P 500 and the NASDAQ Composite (INDEXNASDAQ:.IXIC) making new highs for probably the next 10 to 15 years.
"The economy has been in overgrowth mode for such a long time due to stimulus that it means that we almost need a long period of undergrowth to bring it back to the mean, right? The average for longer-term growth," he said.
When asked about gold's downside and upside potential in 2023, Soloway said US$1,600 per ounce is the lowest he would expect to see. However, the yellow metal could take off if it can make it past resistance at US$2,050 to US$2,070.
"If gold can push through that, it's got clear sailing for a big short squeeze. I think it's one of the most underinvested assets out there," he said, adding that the metal could easily make it to US$2,300 or US$2,500 in 2023, or perhaps even higher.
In terms of Bitcoin, Soloway sees the cryptocurrency bottoming at around US$9,000 next year. "Once it gets there, I think it's going to coincide with regulation coming out, and then I think you actually start to see a move back up in Bitcoin," he noted.
He also thinks silver could move up in the next 12 months, although he cautioned that the market for the white metal can be volatile. "I actually personally think in 2023 you break out on silver," Soloway said. "But just be aware that it's got to get through this US$25, US$30 (per ounce) level or so before that breakout can occur."
Watch the interview above from Soloway for more on gold, silver, Bitcoin and more.
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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.