Compared to cryptocurrencies and stocks, according to a market strategist, gold will perform best in 2023
Gareth Soloway, CEO of inthemoneystocks.com, discussed the prospects for gold and digital currencies like bitcoin on January 27, 2023. (BTC).
Soloway indicated a strong conviction that gold will perform better than the majority of major assets this year.
Soloway said: “I still think gold will be the best performer this year, 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.
In 2023, according to best-selling author Robert Kiyosaki of “Rich Dad, Poor Dad“, gold would cost $3,800 an ounce and silver will cost $75 an ounce. Mike McGlone, a commodity analyst for Bloomberg Intelligence, has high expectations for gold as well, but believes that cryptocurrencies like bitcoin would outperform most asset classes. Bitcoin (BTC) is not expected to perform similarly, and Soloway predicts a decrease to $9,000 per coin.
Soloway noted that bitcoin (BTC) is still down more than 65% from its all-time high despite a climb of more than 38% in the previous 30 days and a gain of more than 40% so far in 2023. Soloway called the latest rise in BTC “a good rebound,” but he is adamant that bitcoin is “still in an overall downturn.”
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