Gold has pulled back, but Gareth Soloway, chief market strategist at VerifiedInvesting.com, remains confident.
“I think again if you look at the fear of what could happen globally — de-dollarization, the fears of everything else in the economy — gold becomes a pure play for safety, which can propel it much, much higher,” he said about the yellow metal.
“I’m expecting us to start a bigger move up that eventually takes out the triple top up around the US$2,075 (per ounce) level,” Soloway continued. “I think that’s a great interesting area to potentially play gold miners. Gold miners have been hit very, very hard here as well … so there are opportunities out there, I think people just have to be very choosy.”
Moving over to silver, Soloway said it’s done better than he expected due to the ongoing strength in the US economy. However, he sees the white metal’s price falling as the reality of a hard landing sets in later this year and into next year. Once the market realizes that inflation is getting sticky at the 3 percent level, that will be a chance for silver to become a breakout candidate.
“I think the (US Federal Reserve) will be forced to hold out from cutting rates as long as possible, but my expectations are that the economy weakens so much in 2024 that they actually are forced to cut anyways, even with an elevated inflation number of around 3 percent,” Soloway explained, adding that he thinks 3 percent will become the “new normal” for inflation.
He currently likes the chart for the Sprott Uranium Miners ETF (ARCA:URNM), but said he would remain cautious about Bitcoin unless it can recapture and take out the US$30,500 to US$31,000 level. Although Soloway is positive in the long term about the cryptocurrency’s trajectory, he said that for now it still performs as a risk asset, which can result in volatility.
Watch the interview above for more from Soloway on gold, silver, uranium, Bitcoin and the overall market.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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