Gareth Soloway, president and chief market strategist at inthemoneystocks.com, predicts that gold will outperform cryptocurrencies and stocks in 2023. In an interview published Thursday, Soloway emphasized his belief that “gold will be the best performer” this year, stating that the the US Federal Reserve will not cut interest rates until a “massively nasty recession” occurs.
Gold to outperform major assets in 2023: Strategist Gareth Soloway’s market forecast
Many analysts, market strategists and economists make predictions about asset prices and performance in 2023. Some predict that gold and cryptocurrencies will perform well, while others expect less favorable outcomes.
On January 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 firm belief in gold’s performance this year, telling Lin that it will outperform most major assets.
“I still think gold will be the best performer [this year]”, Soloway told 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 look to cut until we see a massively nasty recession, the market strategist added.
Financial analyst Soloway is not alone in believing that gold prices will rise this year. During the first week of 2023, Bitcoin.com News reported that experts suspect a significant increase 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 by 2023.
Bloomberg Intelligence commodities 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 that BTC could fall to $9,000 per coin. Inthemoneystocks.com CEO said:
I would venture to say that without the Fed’s money printing, bitcoin is headed for twelve to thirteen thousand, and maybe as low as $9,000.
Soloway discussed his previous market calls that turned out to be accurate and explained that when he started trading, there was no guidance. He believes trading rates can be beneficial for traders.
Despite a gain of more than 40% so far in 2023 and a rise 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 surge, Soloway said “it’s a nice bounce,” but he is convinced that bitcoin is “still in an overall downtrend.”
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What do you think of Gareth Soloway’s predictions for gold and cryptocurrencies in 2023? Do you agree or disagree with his view, and why? Share your thoughts in the comments section below.
Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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