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In light of gold’s rise to record levels in the recent period, some analysts are heading to cross the $2,000 per ounce threshold soon. However, there are some opinions that see this as far-fetched, and gold will experience strong declines.

According to Harry Dent, founder of HS Dent, “Gold, which has been trading at a high for 2023 and is currently around $1,930 an ounce, will reverse the trend and make a significant drop, entering the biggest crash that can be seen in its second wave before bouncing back up again.” .

About $900.. Is it possible?

Dent predicts gold will reach as low as 900 an ounce by mid-2024.

He stressed that “gold is not a safe haven.” “I expect gold to drop to $900 to $1,000. And that would be much lower than other commodities…that’s still a 40-45 percent drop from here.”

Dent’s track record for correctly forecasting includes the Japanese asset bubble, the dot-com bubble, and the election of Donald Trump as president in 2016.

US stock indices rose during trading today, Thursday, and increased their gains in the wake of the issuance of strong economic data in addition to positive business results announced by Tesla and other companies.

And government data revealed that the first reading of the US gross domestic product for the fourth annual quarter of 2022 recorded a growth of 2.9%, while analysts expected a growth of 2.6% after a growth of 3.2% in the third quarter.

The US Durable Goods Orders index jumped 5.6% last month, while analysts had expected a rise of only 2.4%.

As for the weekly reading of the number of initial jobless claims in the United States, it recorded a decrease to 186 thousand applications last week, while analysts expected it to rise to 203 thousand from 192 thousand.

And new home sales in America recorded 616,000 units in December, compared to expectations for a rise to 610,000.

These data indicate the health and strength of the largest economy in the world, which reflects the statements of the Director of the International Monetary Fund, Kristalina Georgieva, that the US economy may avoid recession this year.

At the end of the session, the “Dow Jones” industrial index rose by 0.6% (about 205 points) to 33949 points, and recorded the highest level at 33953 points and the lowest level at 33635 points.

The broader S&P 500 index rose by 1.1% (about 44 points) to 4060 points, reaching the highest level at 4061 points and the lowest level at 4013 points.

The “Nasdaq” index rose by 1.7% (about 199 points) to 11512 points, and the highest level was recorded at 11516 points, and the lowest level was at 11314 points.

Bitcoin is trading above the 200 moving average for the first time since January 2022
Bitcoin gains 34% since the bottom of November 2022

Bitcoin, the largest and most famous cryptocurrency in the world, rose by more than 7% to levels of $ 21,292 in the Saturday session, for the first time in about two months, before it reduced its gains to trade at levels of $ 20,790 at 01:37 GMT on Saturday, adding About $1,000 to its previous close.
Bitcoin was also able to breach its 200-day moving average for the first time since January of 2022.
With these heights, the gains achieved by the cryptocurrency reach 34%, which is equivalent to about $5,300, since the bottom it formed on November 21 of last year at $15,479.
These rises in bitcoin coincided with the rise of US indices and their highest weekly gains in two months, after expectations of an easing of the Fed’s tightening policy towards raising interest rates as a result of slowing inflation in the United States.

Cryptocurrency markets had started this year under pressure, with last year’s dramatic crashes in cryptocurrency companies still on the top of investors’ minds.

Bitcoin fell by more than 60% in 2022, recording its worst annual performance ever, and despite the current highs, it is still down by about 70% compared to the peak of November 2021.

US stocks closed higher, recording gains for the second week in a row, on Friday, as shares of JPMorgan Chase and other banks rose after announcing their results for the fourth quarter, at the start of the corporate earnings season.

The stocks of financial institutions were among the largest sectors supporting the index.

JPMorgan Chase & Co and Bank of America reported quarterly earnings that beat expectations, while results from Wells Fargo & Co and Citigroup came in below expectations. But the shares of all four banks rose, as well as the banking sector index on the Standard & Poor’s 500.

According to preliminary data, the Standard & Poor’s 500 index closed up 15.54 points, or 0.39 percent, at 3,998.71 points, while the Nasdaq Composite rose 77.99 points, or 0.71 percent, to 11,079.09 points. The industrial index rose 109.61 points, or 0.32 percent, to close at 34,299.58 points.