With gold at around US$2,000 an ounce and silver close to US$25 an ounce, investors are curious to see what happens next.
TheGoldAdvisor.com’s Jeff Clark believes gold could reach US$2,500 this year, while silver could reach US$30.
“I think now is the time to go long,” he told Investing News Network. The only way to crash at this point is if all markets crash like we saw with the COVID crash — they all crashed temporarily, that’s the only way.”
On whether it makes sense to buy gold at this high level, Clark said the precious metal should be considered insurance and added 3 ounces to his portfolio the day Silicon Valley Bank collapsed.
“What if $2,000 gold went cheap? What if gold went to $2,500, $3,000?” he asked. “It could definitely be at that level this year. It’s easy to see it going to be US$2,500. So the current price is lower.”
As for silver, Clark noted that white metal tends to outperform gold when it starts to move.
“I still think the price of silver will be $30 this year. The reason is that when the price of silver starts to move, the price of silver goes up very quickly and becomes very volatile. Sometimes the price goes up. Gold’s rise, silver’s rise will outpace it.This has been seen repeatedly throughout history.”So if gold rises, silver will follow.” .”
When asked why gold stocks are not rising, Clark said it comes down to sentiment.
“Frankly, when (gold) hits a new high, and if it stays there and is sustainable, everyone from technical analysts and momentum chasers to mainstream institutional fund managers I think it will draw a lot of people from,” he said.
For more on his thoughts on gold, silver and mining stocks, check out the interview above.
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Securities Disclosure: I, Charlotte MacLeod, have no direct investments in any of the companies mentioned in this article.
Editorial Disclosure: Investing News Network does not guarantee the accuracy or completeness of information reported in interviews it conducts. The opinions expressed in these interviews do not reflect those of Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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