In terms of gold, he believes US$2,500 per ounce is a ‘lock’ in 2024, with US$3,000 possible within 12 to 18 months.
However, he cautioned investors that the yellow metal is likely to pull back before reaching those heights.
‘While I still think gold has more upside, you have to respect a trend line that goes back 40+ years (showing) that we probably are due for some sort of pullback. I even think we could get a pullback to about US$2,075, which was that breakout level,’ he said during the interview. ‘But basically I’m in the position where pullbacks are buying opportunities.’
Looking over to silver, Soloway said previously that if the precious metal could make it past US$25.50 per ounce it would have ‘really good upside.’ Now that it’s made it past that point, he sees US$30 as an important price.
‘I continue to think that we’re going to go up here and test US$30, which is that key resistance from 2020,’ he said. ‘Once we get to US$30 we have to reevaluate. But I do think again, whether we get a small pullback or not, we’re destined to go to US$30. And down the line if gold goes to US$3,000 you’re going to see silver go higher than US$30 as well.’
Soloway noted that Bitcoin’s strength this year has been a bit of a surprise for him, noting that it’s intertwined with the stock market as a risk asset. He expects that to eventually change, but not quite yet.
‘The combination of the stock market doing well really catapulted it. We also had the spot (exchange-traded fund) approval, we have the halving coming up — all of these are adding to that bull narrative,’ he said.
When asked what price he would buy Bitcoin at, Soloway said the US$49,000 to US$52,000 range looks interesting.
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.