Adrian Day from Adrian Day Asset Management believes that if gold breaks up now, it may be in for a dramatic rally – especially now that so few people are investing in the yellow metal and in gold-mining stocks.
In a recent interview, Day explained that the market sentiment towards gold is as bad as it's ever been – and that is good news for contrarian investors.
He thinks that the current conditions present a great buying opportunity for gold and gold-mining stocks and that a price reversal is coming very soon. Day also believes that investors should get gold exposure before the rally starts. Mining stocks are very cheap right now, so that you don't have to be annoyed about buying expensive assets. In fact, you'll be buying the best gold-mining stocks at the 20-year low.
Meanwhile, Kitco News recently spoke to Gareth Soloway, the chief market strategist at InTheMoneyStocks.com, at the Future Blockchain Summit in Dubai. They discussed macro economic prospects and the Fed's monetary policy, as well as stocks, Bitcoin, and gold.
Soloway also said that, while the market is in panic, the bottom isn't in yet. However, he's most concerned with the fact that the Fed plans to continue aggressively raising interest rates and that consumers can run out of money they saved during the pandemic. This could mean a massive economic crash in mid-2023.
A recession is inevitable, though it can also be quite mild. A serious downturn, though, could have fatal consequences, leading to a dramatic increase in unemployment rates. The situation could get so grave that the Fed would have to go back to quantitative easing in a year or two. Solloway thinks that interest rate hikes will end in Q1 2023.
As for gold, the expert said that he still feels very positive about its future. Right now big money keeps buying gold, which explains its stability despite the strong USD. Soloway himself is also buying gold for his personal portfolio.
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