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According to Gareth Soloway, President of Verified Investing Education and InTheMoneyStocks.com, gold is expected to perform better than stocks and cryptocurrencies in 2023 as the Federal Reserve becomes less strict in its tightening cycle.
Soloway, who has over 20 years of experience as a professional trader and accurately predicted the Bitcoin bottom for 2022, stated that he still believes gold will be the top performer in 2023. He mentioned that the Fed is currently keeping interest rates steady and may tighten further, but will not consider cutting until a severe recession occurs.
Gold will be the top performer in 2023.
However, Soloway’s outlook for Bitcoin was not as optimistic and he projected that it could drop to as low as $9,000. He explained that with the absence of money printing, Bitcoin will likely decline to around $12,000 to $13,000 or even to $9,000. Although Bitcoin has increased by 42% since January, Soloway warned that it remains in an overall downtrend, with a 65% drop from its all-time high of $68,789.63 in November 2021.
The complete interview can be viewed below. Discussion about gold starts from 24:15.
Original article has been cited from kitco.com and can be found here.