Pento Likes Gold But Warns A Stock Market Crash Is Coming
April 11, 2013
Today one of the top economists in the world told King World News he is very bullish on gold, but warned of a coming global stock market crash and economic meltdown. Michael Pento, who heads Pento Portfolio Strategies, spoke candidly about the frightening situation the world faces in the very near future.
But first, Pento tore into Goldman Sachs for their call to short gold yesterday: “I would put some credence in what these two analysts (from Goldman Sachs) said if they actually gave me a fact or two as to why I should not just avoid owning gold right here after it’s down $400 an ounce from its high, but I would prefer if they just gave me one reason why I should short gold at this juncture.
If you read their report, as I did, this is their reasoning: I want to quote these two (Goldman) analysts, “In fact, should our expectation for lower gold prices continue to prove correct, the fall in prices could end up being faster and larger than our forecast.”
So, if you comb through their report and look for one shred of evidence, one fundamental factor as to why they are going to short gold here, you don’t find one. The reason why they are going negative on gold is because it’s not going higher, and if gold goes lower their analysis is it will go even lower, and even faster.
I mean it’s absolutely asinine when you listen to their logic….