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Silver and gold poised to shine in 2023
Wall Street just as volatile in 2023 as previous year: Jonathan Hoenig
Real Talk Capital CEO Ron Luna and Capitalist Pig hedge fund manager Jonathan Hoenig discuss what’s propelling the stock market sell-off on the first trading day of 2023 on ‘Cavuto: Coast to Coast.’
Amid persistent inflationary pressures and the worst year for stocks since 2088, precious metals like silver and gold are positioning themselves as a safe haven for traders in the coming year.
Often considered recession or inflation-proof, gold and silver registered gains, outpacing the three major U.S. stock averages. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite finished lower last year.
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In an interview with FOX Business, David Russell, VP of market intelligence at the TradeStation, said "Gold and silver are go-to assets when traders are bearish on stocks and the economy."
"The commodities are also classic hedges against the kind of inflation we’ve seen in the last year," he continued. "Right now, precious metals have a certain appeal because a lot of investors think stocks are overvalued and they view gold and silver as alternate assets."
"Both metals could also benefit from a recession and the Fed halting interest-rate hikes," he added.