Gold recently reached a new all-time high, sparking excitement among gold market participants.
But is it the real deal? Gareth Soloway, chief market strategist at VerifiedInvesting.com, thinks that it is.
‘According to what I’m seeing, yes it is a real move for gold,’ he said. ‘Eventually we will finally get above that kind of US$2,080 (per ounce) level that we keep on hitting or piercing and then getting repelled back off of.’
He thinks the yellow metal will be the best-performing asset of 2024, and said he sees an inverse head-and-shoulders pattern forming. If it completes, that would imply a price target of US$2,530 to US$2,540 next year.
Looking over to silver, Soloway believes it has potential to break the US$30 per ounce level next year.
‘For me as a silver analyst, I’m looking for price — we need price to basically break above US$25.50. If it can break above US$25.50, you’ve got some really good upside that I think next year could retest the US$30 level,’ he said. ‘We know that silver is partially industrial, so we have to monitor the economy as well. But I think overall the store of safety aspect will take control if gold really breaks out as well. And so I do think you could hit US$30 in the year coming in 2024.’
In terms of Bitcoin, Soloway said he underestimated how well it would perform in 2023 — he was surprised at the strength of risk-on sentiment, and how much spot Bitcoin exchange-traded fund (ETF) speculation impacted the industry.
‘I may sound like a broken record, but I still think that Bitcoin at these levels has upside to maybe around US$50,000, US$48,000 — that would coincide with the spot ETF approval,’ he said. ‘My feeling on that is that everyone’s front running this news, meaning that everyone’s piling in for the news, which means it could be a sell-the-news event.’
Watch the interview above for more from Soloway on gold, silver and Bitcoin, as well as uranium.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.