- Gold, which has been trading up for 2023 and is currently at around $1,930 per ounce, will reverse the trend and have a dramatic decline as"the biggest crash in our lifetime" enters its second wave, according to Harry Dent, Founder of HS Dent."Gold is not a safe haven," he maintained."I'm predicting that gold goes down to $900 to $1,000. That will be a lot less than other commodities… that is still a 40 to 45 percent fall from here.
"The boom from 2009 to late 2021 in stocks was 120 percent artificial," he stated."It was just [The Fed] stimulating more and more to keep the stock market going up… That is taking a toxic financial drug, which when it finally goes down and fails, you have a hangup." "The next wave" downwards will occur once this critical level is reached, he added. From its all-time high, Dent expects the NASDAQ to fall 92 percent and the S&P 500 to fall 86 percent.
"If [Jerome Powell] turned around and pivoted on this, it would look really ridiculous that he tightens a little bit, and then has to turn around and go back to easing," he said."That would prove how weak the economy is and make the Fed look reckless.""By the time the Fed realizes they overtightened after overstimulating, and want to stimulate again, they're not going to have much credibility," he stated.
"India and Southeast Asia will do much better than China [in the long-run]," he predicted."One day, around the 2050s or 2060s, India will be the largest economy in the world and the U.S. will still probably be a little bigger than China."
This guy.....how he makes money from permanent doom is beyond me.
Lol this guy was calling for a massive crash in 2020
Michelle is always gorgeous and does a great job interviewing. Whether Dent is right or wrong, it really doesn't matter.
Not that I disagree with any of Mr. Dent's individual points, but his summary conclusion is making him the most bearish investor I've ever seen. A new Dr. Doom rising?
I beg to differ with Mr Dent as to the crash...
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