If there ever was an economist who was willing to go out on a limb in a prediction despite the fact that he was proven wrong previously on a directional forecast for the price of gold, that individual would assuredly be Harry Dent. And while he does have a well documented track record for predicting generalized economic events such as the 2008 financial crisis, when it comes to precious metals, his expertise in this market doesn’t often hold water.
And with this being said Dent is back once again forecasting gold to drop by nearly 50% in price, and is telling readers and clients to sell their holdings now.
One topic I am asked about on a daily basis, is gold. “What’s going to happen to gold prices? Should we be gold bugs or gold bears?” That’s what I always hear.
The oddest part about all this is that gold is not something people want to discuss objectively. It seems most people want to either defend it or crucify it… there’s little middle ground.
That’s a problem, because it’s difficult to be a successful investor if you look at each opportunity with a foregone conclusion. And that’s why I am NOT a gold-lover. Nor am I a gold-hater.
What I am is an observer of economies, markets and trends. And those observations are clearly signaling that gold prices could melt down (pun intended) to as low as $700 in the years ahead.
There are at least 13 different triggers that could cause the next collaps. Regardless, the result will be continued frustration for gold bugs as their beloved yellow metal steadily collapses.
Our suggestion? Sell your gold investments! – Silver Doctors
Here at The Daily Economist we do not make predictions nor give investment advice of any kind, but we do make analytical forecasts both in the short term, and for the long term. And what appears to be relevant regarding gold today is not that it should be traded and analyzed as a commodity which Harry Dent bases his forecasts upon, but instead the real focus should be on the dollar and how the rest of the world is making strong moves towards rejecting it as the global reserve currency, while in the meantime preparing to bring back gold’s place as a monetary metal.
Source: The Daily Economist