The S&P 500 may crash by 20 percent this year as gold is set to shoot to $2,300, according to Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com. “The biggest move of a bear market is likely on the horizon,” he told Kitco News. Acknowledging the recent Eurozon SLJ Capital report that claimed de-dollarization is happening at a “stunning” pace, Soloway has no doubts that the world is headed towards a different reserve currency. This is a view shared by Elon Musk: “If you weaponize currency enough times, other countries will stop using it,” the billionaire said on Twitter Monday. As the greenback continues to lose dominance, many investors have turned to gold. “I don’t understand why people are more inclined to go to bitcoin than gold,” said top investor Ray Dalio. “If you look internationally, gold is, for central banks, the third highest reserve asset … And central bankers are buying gold, and they’re not buying bonds. And it’s timeless and universal.”
Kitco News/Cornelius Christian & Michelle Makori
S&P 500 will crash 20% as ‘panic’ sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors’ in banking sector – Gareth Soloway
The S&P 500 is set to crash 20 percent this year and gold will reach $2,300 as “anxiety, denial, and panic” set in and “euphoria” evaporates, according to Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvestingEducation.com.
“The biggest move of a bear market is likely on the horizon,” he told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “I have a downside target this year of 3,300 on the S&P… I do think we will get below 3,000 in 2024.”
The S&P is currently trading around 4,100.
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The Street/Luc Olinga
Elon Musk Says the Fate of the U.S. Dollar Is Sealed
The U.S. dollar is in decline — or at least such is the speculation that has been circulating this year.
These rumors are fed by various articles, starting with headlines saying that Russia is now considering using China’s yuan for its global trade. Then talk followed that Saudi Arabia, a major U.S. ally, was considering charging in yuan for its oil exports to China.
Things accelerated: France was reportedly considering buying gas from China with yuan, while Brazil and Beijing were considering no longer using the U.S. dollar in their bilateral trade relations.
You can read the full article, here.
Markets Insider/Filip De Mott
Ray Dalio says he has a little bitcoin but prefers gold, calling it ‘timeless and universal’
Ray Dalio said he holds a small amount of bitcoin, but the cryptocurrency moves in unreliable ways and the billionaire investor favors gold.
“I would prefer gold,” he said on Chris Williamson’s YouTube podcast this week, pointing out that bitcoin has a smaller valuation than mega-cap stocks like Microsoft.
On Thursday, bitcoin’s market cap was about $574 billion, compared to Microsoft’s $2.27 trillion.
You can read the full article, here.
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