Market strategists, economists, and analysts are making predictions about the future of asset prices and performance in 2023. Some forecast that gold and cryptocurrency will perform well while others anticipate 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 stated that gold will outperform all major assets this year, and told Lin he was confident.
Soloway stated to Soloway that he still believes gold will be the top performer this year. The Fed has kept interest rates at the current level. This is something that you can’t ignore. The market strategist said that although they may tighten slightly, the bottom line is that they won’t be cutting until there’s a severe recession.
Soloway, a financial analyst, isn’t the only one who believes that gold prices will rise this year. Bitcoin.com News reported in the first week 2023 that experts believe there will be a significant increase in gold prices. Robert Kiyosaki (author of Rich Dad Poor Dad), predicts gold will reach $3800 an ounce and silver $75 an ounce by 2023.
Mike McGlone, Bloomberg Intelligence commodity analyst, has high hopes for gold but believes that cryptocurrencies like bitcoin will outperform all other asset classes. Soloway doesn’t expect bitcoin to perform as well and suggests that Bitcoin could drop down to $9,000 per coin. According to the inthemoneystocks.com executive:
Without the Fed printing money, I believe bitcoin could be as low as $9,000.
Soloway spoke out about his market calls, which turned out to have been accurate. He also explained that he had no guidance when he first started trading. Soloway believes trading courses are beneficial to traders.
Soloway noted that bitcoin (BTC/BTC) has fallen more than 65% since its high. This despite a gain exceeding 40% in 2023. Soloway stated that BTC’s recent rise was a “nice bounce”, but that bitcoin is still in a downtrend.