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

The Daniela Cambone Show

"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 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.