The gold price has pulled back from the high levels seen earlier this year, but Mike Larson, editor-in-chief at MoneyShow, said he’s positive on the yellow metal’s outlook heading toward the end of 2023 and into 2024.
‘I think if we’re at the end of the (US Federal Reserve’s) hiking cycle, which I believe that we are, and if there is potential for the Fed to start reversing some of those hikes next year, which I think there is, it is a more bullish environment for gold,’ he said.
‘If you remove those governors on the system, those things that were holding (gold) back … then you’ve got a much more positive finish to this year. And again, rolling into 2024 it’s one of those asset classes I’m pretty optimistic about.’
Larson was speaking at MoneyShow’s recent event in Toronto, and he also discussed sentiment at the show.
‘If I was to describe the environment … it’s cautious optimism. Generally speaking, people are not bearish,’ he said when asked how investors are feeling about the broader market. ‘I think a lot of people want to see if this just a correction or if it’s the start of something more — is this a soft landing, or is this the beginning of a recession? … That’s the real question.’
‘I still think you want to be positioned in sectors that are more offensive in nature — so your industrials, your materials, your technology, your energy, for example — and less overweighted … in things like consumer staples and utilities,’ he said.
Watch the interview above for more from Larson on gold, as well as the overall market.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
This post appeared first on investingnews.com
