Gold to Lose Its Shine as Harry Dent Predicts Massive Crash | Bitcoin to Follow Suit With Low of $3,250

The price of gold has significantly increased since 2023, rising from $1,823 per ounce to the present figure of $1,937. Harry Dent, the founder of HS Dent Investment Management, thinks this trend might not hold up for much longer. Dent believes that over the next 18 months, gold’s value could drop to between $900 and $1,000.

HS Dent Founder’s ‘Everything Bubble’ Theory

The primary anchor and editor-in-chief at Kitco News, Michelle Makori, and Harry Dent, founder of HS Dent and author of several books on finance, spoke on Tuesday. Dent reiterated his conviction that “the largest crash in our lives” is imminent and predicted that one of the commodities that would be struck the hardest this year will be gold. Many “gold bugs,” on the other hand, think 2023 will be a good year for the yellow metal. This viewpoint is different.

The value of gold has increased, according to economist and gold supporter Peter Schiff, who said this week that people saw it as “a hedge against inflation and a weaker currency.” Gold has traditionally been regarded as a trustworthy store of wealth and a protection against inflation and economic unpredictability. The host of CNBC’s Mad Money programme, Jim Cramer, also highlighted that people should “stay with gold” if they actually want to be protected against “inflation or economic chaos.”

Dent vehemently rejects these viewpoints and believes that gold will significantly lose value over the next 18 months. Dent said during his conversation with Makori, “Gold is not a safe haven. “I think gold will drop to between $900 and $1,000. He continued that will be significantly less than other commodities, but it will still drop by between 40 and 45 percent from here. Dent called the current scenario the “everything bubble” and noted that there had been several artificial financial bubbles throughout the years.

Dent thinks 2023 might be difficult but thinks the middle of 2024 will be far worse. “I think the ultimate bottom for stocks at this point will probably be… In the interview, Dent mentioned that the tech-heavy Nasdaq index (IXIC) would reach 10,088 once more around July or so of 2024. “As a result, we’re just getting started. We need to break the previous low, which is 10,088. Only then will we know that this crash is still going on and will get much worse. The financial writer continued:

The boom from 2009 to late 2021 in stocks was 120 percent artificial. It was just [the U.S. central bank] stimulating more and more to keep the stock market going up … That is taking a toxic financial drug, which when it finally goes down and fails, you have a hangup.

Dent Predicts Bitcoin Will Be Hardest-Hit Asset in Upcoming Economic Crash

Dent believes that following a period of lateral movement, the next wave of decline is about to start. The Kitco anchor was told by Dent, “This bubble has finally burst, it has started to break.” “A bubble of this size, like the ones in 1929 or 1972, was not a bubble but a long-term [downturn].” A full collapse takes between two and three years to occur. The first crash is all we’ve seen so far, and we have seen it, said Dent. Dent predicts that among all assets and stocks, bitcoin (BTC) would be the most severely impacted.

The HS Dent executive predicts that bitcoin will fall to a low of around $3,250, matching its Covid-19 crash bottom in March 2020. Dent predicted that the price will drop to $3,250 before starting a longer-term boom. The investor sees cryptocurrencies as the upcoming big thing and thinks they might be the catalyst for the digitization of all aspects of money and finance. Dent explained that there are “$600 trillion dollars” worth of financial assets and that digitising them and extending commerce to increase efficiency is a “big thing.”

According to Dent, the real goal of cryptocurrencies is to reconstruct the world’s largest financial market, which is comprised entirely of financial assets. About $100 trillion is the global GDP. While financial assets “is the largest multiplier,” Dent said, it is just about $600 trillion. That is the reason why Dent said, “I’m bullish on bitcoin and crypto.”

What do you think about Harry Dent’s predictions for the future of gold and bitcoin? Do you agree or disagree with his assessment and why? Share your thoughts in the comments below.

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