Bitcoin skyrocketed more than 60% this week to over $17,000. What’s next? Michael Pento from Pento Portfolio Strategies joins Silver Doctors on this SD Weekly Metals & Markets to discuss.
Bitcoin reminds Pento of the tulip mania. “It’s going to burst, and it’s going to end very, very badly. It can go to $100,000 – it’s going to do so without me.”
Pento sees continued pressure on gold and silver prices. The passage of “tax reform” makes it likely the Fed will continue to raise rates into 2018, he says.
Today’s job’s report boosted the stock market. The stock market is trading at 140% of GDP. 50% GDP is normal. “We are extremely stretched valuation wise,” Pento says. He sees the Fed’s rate hikes to invert the yield curve, sending the economy and asset bubbles tumbling down into a crisis worse than 2008.
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