Money manager Michael Pento predicts, “The U.S. is not an island. The U.S. is not going to have 4% GDP growth while the rest of the world implodes. . . . I look at the data, and data says this is the most dangerous market ever. This is the most precarious GDP on a global basis that we have ever had. Global central banks have never before printed $12 trillion. . . . We have never before had that happen, and the reason why they did it is to take sovereign debt into zero and negative territory so we can go on this inflation quest so asset prices don’t implode. That is all turned on its head. They have reached their inflation and it’s starting to unwind, and this whole thing is going to collapse. . . . I have put a check on the calendar for October. . .”
Pento goes on to say, “When it collapses, the primary beneficiary is going to be the gold market. . . . You should always have 5% to 10%, and if you are waiting, you are running out of time to get it cheaply. . . . I don’t think there is much downside to buying physical gold here, and you are running out of time if you have no position at all.”
Join Greg Hunter as he goes One-on-One with Michael Pento, founder of Pento Portfolio Strategies.
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