Heading into 2025, he said he thinks the yellow metal will be the year’s best-performing asset.
‘I would have to take gold — and again, for me it’s the risk that if we go to US$107,000 on Bitcoin, let’s say, we could pull back to US$75,000 next year … that drawdown is a hefty drawdown of 30 percent or so at that point,’ he said.
Soloway sees potential downside for gold in the near term, with US$2,550 or even US$2,500 per ounce perhaps in the cards toward the end of 2024 or early in the new year. But for him that’s not a concern.
‘This is the kicker, right — gold is just pulling back and working off an overbought scenario,’ he explained during the conversation. ‘And so … what I want everyone to understand is that while short term there may be some weakness in gold, I think it still has a lot of upside to come in the coming year or two years — easily US$3,000.’
Looking at silver, Soloway said it’s trickier to gauge because it has both precious and industrial drivers.
‘What I’m expecting here in the next month or two is for silver to chop and then eventually break down and flush to about US$28 an ounce,’ he said. ‘And then once we get into that level, I think that’s where you start to nibble a little bit more on the silver trade looking for that next big move to the upside.’
As mentioned, he sees Bitcoin potentially rising as high as US$107,000 or US$108,000. That type of move would ‘ignite the bulls to the maximum,’ with a retreat to US$74,000 or US$75,000 possibly following.
Watch the interview above for more from Soloway on gold, silver and Bitcoin, as well as the overall market.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
This post appeared first on investingnews.com