- Peter Grandich, who correctly predicted the market crashes for both crypto and stocks in 2022, just shared his predictions for 2023 with Kitco News. The veteran investor said that while he sees weakness across most markets for the foreseeable future, there are still undervalued assets that he expects to outperform.
Grandich said that when Washington confronts these issues"it's always kick the can down the road," but he was surprised to see"the can is finally stopping being kicked on regarding social security, and that could become a hot-button issue as we get towards the 2024 election," referring to recent comments by Republicans in Congress that they would look at cutting the program.
Grandich noted that the healthcare industry is an area that will still see growth even in this weak overall market.Metals are another sector where Grandich sees strong growth driven by fundamentals."Gold and silver are acting very, very well," he said, adding that central banks' purchases are helping to support gold."The fact that it was able to hold its own during last year suggested that any easing off [by the Fed] is going to see gold go higher.
"My favorite is copper because of the real supply and demand scenario that shaping up for the next 10 to 20 years," he said.But Grandich believes the real opportunity right now is in mining companies."Mining shares relative to gold itself haven't been this cheap in maybe a few decades," he said.
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