Gold to be hardest hit commodity in 'massive crash', bear market in early stages - Harry Dent

(Kitco News) - Gold, which has been trading up for 2023 and is currently at around $1,930 per ounce, will reverse the trend and have a dramatic decline as "the biggest crash in our lifetime" enters its second wave, according to Harry Dent, Founder of HS Dent.

Dent is calling for gold to reach as low as $900 per ounce by mid-2024.

"Gold is not a safe haven," he maintained. "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."

Dent's track record includes correctly forecasting the Japanese asset bubble, the DotCom bubble, and the election of Donald Trump as President in 2016.

Dent said that an "everything bubble" has been manufactured by the Federal Reserve's loose monetary policy, which had caused booms in most asset classes, especially stocks.

"The boom from 2009 to late 2021 in stocks was 120 percent artificial," he stated. "It was just [The Fed] 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."