Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, recently interviewed Gareth Soloway, Chief Market Strategist at VerifiedInvesting.com. Soloway shared his concerns about the US stock market and warned of a ‘dramatic’ drop once the Federal Reserve starts cutting rates.
Soloway reacted to Fed Chair Jerome Powell’s latest comments and pointed to concerning signs in the US banking sector. He noted that big institutional players are ‘unloading’ the stocks of big banks, which could be a harbinger of trouble ahead.
One of the Black Swan events that investors need to pay attention to, according to Soloway, is the possibility of a banking crisis. He urged investors to be prepared for this potential risk and to have a plan in place to protect their portfolios.
In terms of his outlook on the Fed and the US economy, Soloway shared his price forecast for the US stock market, gold, Bitcoin, and silver. He expects the US stock market to see a significant correction, with the Dow Jones Industrial Average potentially dropping to 25,000 or even lower.
Regarding gold, Soloway sees it as a strong buy and expects it to reach $2,500 an ounce in the next 12 to 18 months. He also believes that Bitcoin will continue to perform well, with a price target of $100,000 in the next few years. As for silver, Soloway sees it as a good long-term investment and expects it to reach $50 an ounce in the next few years.
Finally, Soloway broke down the recent moves in Apple and Nvidia. He noted that Apple’s stock has been volatile due to concerns about supply chain disruptions and the impact of the US-China trade war. However, he remains bullish on Apple in the long term and expects the company to continue to innovate and grow.
Regarding Nvidia, Soloway pointed to the company’s strong fundamentals and its leadership in the artificial intelligence and data center markets. He sees Nvidia as a good investment opportunity and expects the stock to perform well in the coming months and years.
In conclusion, Gareth Soloway’s interview with Kitco News offers valuable insights into the current state of the US stock market and the economy. With his warning of a ‘dramatic’ drop in the stock market and his price forecasts for gold, Bitcoin, and silver, Soloway provides investors with a roadmap for navigating these uncertain times. Whether you’re a seasoned investor or just starting out, it’s essential to stay informed and be prepared for potential risks and opportunities in the market.
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