Gareth Soloway predicts gold will top 2023: crypto-currencies and stocks are under threat

Gareth Soloway, economist at inthemoneystocks.com, predicts that gold will outperform cryptocurrencies and stocks in 2023. In an interview published Thursday, Gareth Soloway emphasized his belief that “gold will outperform” this year and said the U.S. Federal Reserve will not cut rates until a “massively unpleasant recession” does not occur.

Gold will outperform major assets in 2023: Market prediction by strategist Gareth Soloway

Many analysts, market strategists and economists are making predictions about asset prices and performance in 2023. Some predict that gold and crypto-currencies will perform well, while others expect less favorable results.

January 27, 2023, in an interview published Thursday, David Lin, anchor and producer of Kitco News with Gareth Soloway about the outlook for gold and crypto-currencies such as bitcoin (BTC). Gareth Soloway expressed confidence in gold’s performance this year and told David Lin that it would outperform most major assets.

“I still think gold will be the best performer this year“, Gareth Soloway told the host. “You can’t escape the fact that the Fed is now keeping interest rates where they are. It will probably tighten them a little more, but the bottom line is that it won’t look to cut them until we see a massive, nasty recession“, the market strategist added.

Gareth Soloway isn’t the only one who thinks gold prices will jump this year. In the first week of 2023, Bitcoin.com News reported that experts suspect a significant rise 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 $75 per ounce in 2023.

Mike McGlone, a commodities analyst at Bloomberg Intelligence, also has high hopes for gold, but predicts that crypto-currencies such as bitcoin will outperform most asset classes. Gareth Soloway does not expect similar performance from bitcoin and suggests it could fall to $9,000. The head of inthemoneystocks.com said:

I dare say that without the Fed printing money, bitcoin is headed for twelve to thirteen thousand, and maybe as high as $9,000.

Gareth Soloway discussed his past market calls that turned out to be accurate and explained that when he started trading, there was no guidance. He believes that trading courses can be beneficial to traders.

Despite a gain of over 40% so far in 2023 and an increase of over 38% in the last 30 days, Gareth Soloway pointed out that bitcoin is still down over 65% from its all-time high. Referring to bitcoin Gareth Soloway stated that “it’s a nice rebound“, but he firmly believes that bitcoin is “still in a general downward trend.“