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Rich Checkan: Gold is Insurance, but Silver Has “Amazing” Profit Potential

Rich Checkan, president and COO of Asset Strategies International, shared his thoughts on what it will take for the gold price to rise, saying that right now retail investors just aren’t involved in the sector.

Explaining his stance, Checkan said gold needs participation from middle-class buyers to move higher. And for that to happen, people who are part of that segment of the market need to feel better about their finances.

That’s unlikely to happen until the US Federal Reserve starts lowering rates after its intense hiking cycle.

‘The Fed is breaking banks, they’re breaking the backs of the middle class — they’re doing a lot of breaking, but it’s not dancing,’ he quipped. ‘So where does this change? I think when the Fed starts lowering interest rates. I think that’s when we start to see some relief for the middle class, when we potentially start to see some relief for the banks.’

Looking over to silver, Checkan said that while gold moves first the white metal ultimately tends to outperform.

‘If you can catch silver at the lower levels before it outpaces gold, the profit potential is amazing,’ he said during the conversation. ‘I still think gold is your answer for wealth insurance. But if you’re looking for profit, I actually skew it toward silver, and now might be a very good time.’

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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