Pento – Despite Pullback Gold Headed To New All-Time Highs
July 17, 2013
On the heels of Ben Bernanke signaling that the U.S. economy is weak and needs a highly accommodative Fed policy, today one of the top economists in the world said that despite the recent capping of gold at $1,300, gold is heading to new all-time highs. Michael Pento, founder of Pento Portfolio Strategies, wrote this piece for KWN.
Pento: “The prevailing mantra on Wall Street is that gold’s bull market is now over and it’s time to bury precious metals as an investment theme for the indefinite future. The rational for this is based on the belief that many investors held misguided fears during the credit crisis about a breakout of massive inflation and economic chaos, which drove gold to nearly $2,000 per ounce….