Gold has seen a significant increase in value in 2023, with spot prices rising from $1,823 per ounce to the current price of $1,937 per ounce. However, Harry Dent, founder of HS Dent Investment Management, believes that this trend may not continue in the near future. Dent predicts that gold may lose value to the range of $900 to $1,000 over the next 18 months.
HS Dent Founder’s ‘Everything Bubble’ Theory and Its Potential Impact on the Economy
On Tuesday, Harry Dent, founder of HS Dent and financial author, spoke with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. Dent expressed his belief that “the biggest crash in our lifetime” is approaching and that gold will be one of the year’s hardest-hit commodities. This perspective differs from that of many “gold bugs” who believe 2023 will be a positive year for the yellow metal.
This week, economist and gold advocate Peter Schiff stated that gold’s rise in value is due to its perception as “a hedge against inflation and a weaker dollar.” Historically, gold has been viewed as a reliable store of value and a hedge against inflation and economic uncertainty. Similarly, Jim Cramer, host of CNBC’s Mad Money program, emphasized that those who truly wish to protect against “inflation or economic chaos,” should “stick with gold.”
Dent strongly disagrees with these perspectives and predicts that gold will lose significant value over the next 18 months. “Gold is not a safe haven,” Dent stated during his interview with Makori. “I’m predicting that gold goes down to $900 to $1,000. That will be a lot less than other commodities … that is still a 40 to 45 percent fall from here,” he added. Dent has previously identified several manufactured financial bubbles over the years and referred to the current situation as the “everything bubble.”
While Dent believes 2023 may be challenging, he anticipates that mid-2024 will be even worse. “I feel like the ultimate low at this point for stocks is likely to be … July or so of 2024,” Dent said during the interview, noting that the tech-heavy Nasdaq index (IXIC) could reach 10,088 again. “So, we’re still in the early stages. To know that this crash is continuing and will go a lot deeper, we need to break the last low … which is 10,088.” The financial author…
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