Soloway expects the stock market to fight the onset of a multi-year recession in the second half of 2023, saying he doesn't think the S&P 500 and NASDAQ Composite will make new highs in the next 10 to 15 years. “The economy has been in stimulus overgrowth for so long that we almost need a long period of slow growth to bring it back to the average, right?”
According to Solovay, the lowest level that gold can reach in the new year is $1,600 per troy ounce. However, the yellow precious metal can take off if it can overcome the resistance at the level of 2050-2070 dollars per ounce. “If gold can overcome this resistance, it will have a clear head start for a big short squeeze. I think it's one of the most underinvested assets." According to the forecast, in 2023 gold could easily rise to $2,300 or even $2,500, and possibly even higher.
As for bitcoin, Soloway believes that in 2023 this cryptocurrency will bottom out at around $9,000. “I think this will coincide with the entry into force of regulation, and I believe that after that bitcoin will start to rise again,” he explained.