According to the New York Times Bestseller ‘The Coming Great Depression’ author, gold will be the commodity most affected by the ‘great crash’. The financial expert says the bear market is in the early stages. For this reason, he is not very hopeful about gold prices for now.
Gold prices will drop to $ 900!
cryptocoin.comAs you follow, gold prices made a very good start to the new year. However, according to Harry Dent, founder and financial expert of HS Dent, gold, which was on the rise in 2023 and is currently around $1,930, will reverse the trend and drop dramatically as it enters its second wave of “the biggest crash of our lives.” Dent predicts that gold will fall as low as $900 by mid-2024. In this context, the financial expert makes the following statement:
Gold is not a safe haven. I predict gold will drop to $900 to $1,000. This will be much less than other commodities. That’s still a 40 to 45 percent drop from here.
“After the crash, gold prices will explode!”
Harry Dent says that gold will drop to $900 along with other assets, but will eventually reach $4,000 after the markets recover and the next economic boom occurs. Despite forecasting a low gold price by 2024, Dent notes that India’s growth bodes well for the long-term price forecast of gold. He specifically mentions gold consumption in the country, which is the world’s second largest gold importer. The financial expert comments:
If India is the next big thing, gold will explode. Because Indians buy and use gold for security, jewelry and everything else. So, for fundamental reasons gold will do well and will rise in the next burst.
“Fed produced ‘everything bubble’”
Harry Dent is known for accurately predicting the Japanese asset bubble, the DotCom bubble, and the 2016 election of Donald Trump as President. Dent says an ‘everything bubble’ has been produced by the Federal Reserve’s loose monetary policy, which has caused bursts in most asset classes, particularly equities. The financial expert makes the following assessment in this direction:
From 2009 to the end of 2021, the explosion in stocks was artificially 120%. It was just the Fed giving more and more incentives to keep the stock market up… It’s taking a toxic financial drug, and when it eventually drops and fails, you’re stuck.
Harry Dent predicts a ‘major crash’ will occur in an already bearish market when the NASDQ hits the 2022 low of 10,088. “At this point, I feel like the lowest for equities will likely be … July or around July 2024,” Dent said. So, we are still in the early stages. “We need to break the last low of 10.088 to know that this collapse continues and will go much deeper,” he says. He adds that once this critical level is reached, the ‘next wave’ will occur downwards. Dent expects the NASDAQ to drop 92% and the S&P 500 86% from their all-time high.
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