Gareth Soloway: The Crowd will Start Chasing Gold like they Chased Bitcoin
Tom welcomes back Gareth Soloway, President, CEO & Chief Market Strategist for InTheMoneyStocks.
He believes that Bitcoin will survive and thrive but it’s likely to correct further. There is still much irrational exuberance in the crypto space. He argues that the current pattern is more likely to break down.
He discusses how resistance level works and how charting measures these areas. The Fed is giving out its playbook and interest rate rises should cause the markets to tighten. Now is a time to be cautious. He expects only a few more rate hikes because the economy will be affected. Historically rate hikes slow the economy and this coupled with high inflation will be difficult.
We also see economic problems when the yield curve inverts. However, the Fed is running out of tools to bail out the economy. Inflation will probably stay at 8-10% for some time.
Oil is likely at a longer-term high and we may see lower prices from here. He expects a push for alternative energy sources and countries are going to want to become energy independent.
We’re seeing a classic breakout mentality surrounding gold. We retested the 2020 high and this pullback is likely going to be healthy. No chart goes straight up and it’s healthy to have a retracement. We’re seeing a pattern that mimics the 1970s for gold but it’s questionable to set a specific target.
He likes silver but is slightly cautious due to its industrial demand and the economy being weak.
He discusses the crazy move and market reactions in the nickel market. We probably had an enormous short squeeze that blew up some funds.
Fertilizer markets have gone gangbusters in a matter of weeks. Don’t chase the hype since that is usually the time to sell. There should be other opportunities to trade the market after a
Generally, the dollar rising is bad for gold and currently, it appears overbought. It functions as a safety hedge for much of the world.
Lastly, he cautions that the equity markets will probably have another day of reckoning at some point.
Time Stamp References:
0:00 – Introduction
0:41 – Bitcoin and Crash
6:34 – Resistance Levels
8:05 – Nasdaq & Fundamentals
11:50 – Fed & Rate Hikes
13:17 – Yields Inverting
14:46 – Oil Chart
16:40 – Gold Volatility
21:51 – Silver
23:15 – Essential Metals
25:32 – Fertilizers
27:26 – US Dollar Thoughts
29:33 – Russian Stocks
31:53 – Wrap Up
Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University, where he studied Economics. After college, Gareth quickly excelled as a financial adviser, but his heart was always in swing and day trading. He had this long-standing belief that he could help investors make more money by advising them on shorter-term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets,” he said. So while helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.
After building his wealth through trading in 2004, he left the financial industry to trade his own money and study charts and technical signals. This was when he met Nicholas Santiago. The two top traders spent days trading stocks/futures together and nights putting their collective brainpower into the pure genius that would become the PPT Methodology.
InTheMoneyStocks was launched in 2007 once the PPT Methodology was perfected. Gareth’s goal was to help average investors beat the best hedge funds and traders on Wall Street by teaching them the methodology and giving them his trades as he took them LIVE!
Since 2007, Chief Market Strategist Gareth Soloway has maintained an over 80% success rate on swing trade alerts (verified 300+ trades per year) given to members in Verified Investing Alerts (formally named the Research Center) and a confirmed 94% success rate on day trades in the Live Day Trading Chat Room. He has given lectures at colleges around the United States, been asked to train hedge fund traders in other countries, and taught thousands of investors how to invest and trade profitably, achieving their dreams of financial independence. He lives life to the fullest and puts his heart and soul into teaching his members who come willing to learn the PPT Methodology.