Once Thinking Gold Was Left for Dead, Trader Now Sees It Hitting $3,000

"Gold has been making all-time highs, the dollar is making six-month lows... There's a strong negative correlation between the dollar and stocks," says JC Parets, founder and CEO of allstarcharts.com. "Gold is not an inflation hedge, it's proven to be a hedge against profitability," he tells Daniela Cambone on this episode of Powershift: Outlook 2023. "The narrative was put to bed during rampant money printing... Gold is outperforming all of its alternatives," Parets continues. "We are talking about decadeslong trends for gold, and we may only be in the second inning," he predicts. "The demand is absorbing supply with each test of a level for gold," Parets says. "I'm bullish silver because I'm bullish gold. When gold is doing well silver is going to outperform it... the beta works in both directions," he states. "The S&P 500 is one of the worst indexes in the world, because of its exposure to growth stocks," Parets continues. "The stock market bottomed seven months ago in June of 2022... Every single sector is up since then, investors are looking at their charts upside down if they think we are in a bear market," he states. "Money goes where its treated best, it's about relative strength versus relative weakness," he concludes. #stockmarket #gold #silver ⭐️ Join Daniela Cambone's exclusive community ➡️ https://danielacambone.com ➡️ Follow us on Facebook: https://www.facebook.com/StansberryRe... ➡️ Follow us on Twitter: https://twitter.com/stansberry ➡️ Follow us on Instagram: https://www.instagram.com/stansberry_... ➡️ Follow us on LinkedIn: https://www.linkedin.com/company/stan... Investors have been fleeing stocks in droves over the past year due to rampant market volatility. But the new year brings new opportunities in the investment world... That's why Daniela Cambone, Extreme Value editor Dan Ferris, and The McCall Report editor Matt McCall are stepping forward on January 27 to host an online presentation where they'll discuss how investors should navigate this ongoing bear market in 2023. We want to address your questions and concerns, too! If you have something you'd like us to discuss, simply visit https://TownHall2023.com/ and submit your question. 00:00 The performance of gold 4:30 Who are the gold bugs? 4:48 What’s changed in gold’s performance? 6:54 Gold’s value and low dollar 9:26 The trajectory of gold 10:46 How does the performance of gold translate to the mining stocks? 12:16 Where does the best bet lie in the gold space? 15:28 Silver surfers: Does silver follow gold? 17:57 Platinum and other precious metals 19:00 The outlook for bitcoin 21:33 Is bitcoin the future of money? 22:53 S&P setups 27:03 Market environment 28:25 The Fed’s rate-interest hikes and the implications 30:10 Recession in 2023 32:24 Final thoughts from JC