Gareth Soloway, president and chief market strategist at inthemoneystocks.com, predicts that gold will outperform cryptocurrencies and equity performances in 2023. In an interview published Thursday, Soloway emphasized his belief that “gold will be the best performer” this year and stated that the U.S. Federal Reserve will not cut rates until a “massively nasty recession” occurs.
Gold to Outperform Major Assets in 2023: Strategist Gareth Soloway’s Market Prediction
Many analysts, market strategists, and economists are making predictions about asset prices and performances in 2023. Some predict that gold and cryptocurrencies will perform well, while others expect less favorable outcomes.
On Jan. 27, 2023, in an interview published Thursday, Kitco News Anchor and Producer David Lin spoke with Gareth Soloway, president of inthemoneystocks.com, about the outlook for gold and cryptocurrencies such as bitcoin (BTC). Soloway expressed a firm belief in gold’s performance this year and told Lin that it will outperform most major assets.
“I still think gold will be the best performer [this year],” Soloway said to the host. “You can’t get away from the fact that the Fed is now keeping interest rates where they are. They’re probably going to tighten a little bit more, but the bottom line is they’re not going to be looking to cut until we see a massively nasty recession,” the market strategist added.
The financial analyst Soloway is not alone in his belief that gold prices will surge this year. During the first week of 2023, Bitcoin.com News reported that experts suspect a significant rise in gold prices. Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, predicts that gold will reach $3,800 per ounce and silver will reach $75 per ounce in 2023.
Bloomberg Intelligence commodity analyst Mike McGlone also has high hopes for gold, but predicts that cryptocurrencies such as bitcoin will outperform most asset classes. Soloway does not expect similar performance from bitcoin (BTC) and suggests BTC could drop to $9,000 per coin. The inthemoneystocks.com executive said:
I would daresay that without the Fed’s printing of money, bitcoin is headed towards twelve to thirteen thousand, and maybe as low as $9,000.
Soloway discussed his past market calls that turned out to be accurate and explained 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 over 38% in the past 30 days, Soloway pointed out that bitcoin (BTC) is still down more than 65% from its all-time high. Referring to BTC’s recent increase, Soloway said “it’s a nice bounce,” but he firmly believes that bitcoin is “still in an overall downtrend.”