4/27/23 S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway

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  4/27/23 S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway (1)

S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway


The S&P 500 is set to crash 20 percent this year and gold will reach $2,300 as “anxiety, denial, and panic” set in and “euphoria” evaporates, according to Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvestingEducation.com.

“The biggest move of a bear market is likely on the horizon,” he told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. “I have a downside target this year of 3,300 on the S&P… I do think we will get below 3,000 in 2024.”

The S&P is currently trading around 4,100.

Soloway suggested that the Federal Reserve, which hiked rates by 475 basis points since 2022, would cause “more tremors” in banking. He highlighted the case of First Republic Bank, which lost 95 percent of its stock price since the start of this year.

“I do think the regional collapse that we did see and that we continue to see is a precursor, a tremor,” he said. “What the Fed has done now is earth-shattering, in terms of raising rates as quickly as they did to try to stem inflation. And I’m sure there are going to be more tremors.”

March of 2023 saw the failure of three banks – Silvergate, Silicon Valley Bank, and Signature – which led to the Treasury Department, FDIC, and Federal Reserve stepping in to bail out depositors.

To find out which event Soloway believes would send the S&P crashing by 50% or more, watch the video above


A widely publicized Eurozon SLJ Capital report claims that de-dollarization is happening at a “stunning” pace, with the U.S. dollar dropping from 73 percent to 58 percent of global reserves from 2001 to the present.

The pace of de-dollarization has hastened since Russia’s war with Ukraine, which saw the weaponization of the dollar through U.S.-led sanctions on Russia. The BRICS (Brazil, Russia, India, China, and South Africa) nations have responded by calling for a new reserve currency. Some, like Brazil and China, have made deals to conduct trade in local currencies.

While acknowledging that nations are leaving the greenback, Soloway forecast that it would take ten years for the dollar to lose its status as the main reserve currency.

“There is no doubt in my mind that we’re headed towards a different reserve currency,” he predicted. “For me, in ten years I don’t think that the U.S. dollar will be the reserve currency… it’ll still be a major currency, I just don’t think it will be the main currency anymore.”

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