“I’m afraid that nothing is safe anymore,” but commented that, “The safety is in diversification.” He went on to warn that, “It’s not a good time to buy stocks.”
On what’s ahead for the markets and the economy:
“I just want to warn your listeners it’s not a good time to buy stocks. Maybe you make another 5% or another 10% but the big move, the market from the lows in March 2009, is up almost 3 times.”
On the go-to assets where people can protect value in their portfolios:
“I’m afraid that nothing is safe anymore because if you are in cash maybe it will be appropriated or as you know we have zero interest rates and we have lost the purchasing power of paper money. You can buy a Picasso but who knows what the value of it will be in five years time. The safety is in diversification….I think the precious metals is the one sector in the market that is very depressed. We’ve had a huge correction, we might go down somewhat more but - compared to say stocks where the sentiment is very optimistic – the sentiment on precious metals is extremely pessimistic. Everyone thinks it will go down further, it may still go down somewhat but I think that people should own some gold in their asset allocation, they should own some real estate but not all of it in the U.S., they should diversify.”
“I just want to warn your listeners it’s not a good time to buy stocks. Maybe you make another 5% or another 10% but the big move, the market from the lows in March 2009, is up almost 3 times.”
On the go-to assets where people can protect value in their portfolios:
“I’m afraid that nothing is safe anymore because if you are in cash maybe it will be appropriated or as you know we have zero interest rates and we have lost the purchasing power of paper money. You can buy a Picasso but who knows what the value of it will be in five years time. The safety is in diversification….I think the precious metals is the one sector in the market that is very depressed. We’ve had a huge correction, we might go down somewhat more but - compared to say stocks where the sentiment is very optimistic – the sentiment on precious metals is extremely pessimistic. Everyone thinks it will go down further, it may still go down somewhat but I think that people should own some gold in their asset allocation, they should own some real estate but not all of it in the U.S., they should diversify.”
Source : FOX BUSINESS NETWORK
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