“The one thing I would say to investors that are into gold is stick with it. This to me is a classic retrace, it’s had a great move up, it’s seeing a sell-off,” Soloway said. “The shorter term investors are saying, why am I in gold when bitcoin is going up 5% every single day, or 10% in a day, and they’re selling their gold assets.”
Soloway’s comments come as Friday’s nonfarm payroll report showed a loss of 140,000 jobs in December, the most since the start of the pandemic.
Inflation expectations were down as a result, with the TIP ETF falling on the weak jobs report. Inflation expectations are positively correlated with gold.