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(Kitco News) – Investors are dumping low-yielding assets like gold to buy higher-volatility securities like Tesla stocks and bitcoin, said Gareth Soloway, chief market strategist at In The Money Stocks, but Soloway is not yet selling its gold.
“The only thing I would say to investors who are interested in gold is to stick to it. This is for me a classic comeback, it has seen a good progression, it is a liquidation”, a Soloway said. “Short term investors are saying, why am I in gold when bitcoin is going up 5% every day, or 10% in a day, and they sell their gold assets.”
Soloway’s comments come as Friday’s non-farm payroll report showed a loss of 140,000 jobs in December, the highest number since the start of the pandemic.
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept guilt for any loss and / or damage resulting from the use of this publication.
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