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Michael Pento – Bitcoin, gold, silver, stock market, tax reform & more

Silver Doctors, Released on 12/8/17

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 will invert the yield curve, sending the economy and asset bubbles tumbling down into a crisis worse than 2008.

Michael Pento is a specialist in Austrian economics and is the President of Pento Portfolio Strategies. Prior to starting Pento Portfolio Strategies he served as a senior economist and VP of the managed products division of another well known financial firm. Michael has also created ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE. He is the author of The Coming Bond Market Collapse: How to Survive the Demise of the U.S. Debt Market.

One Response to Michael Pento – Bitcoin, gold, silver, stock market, tax reform & more

  1. Richard Tanner Reply

    12/09/2017 at 6:51 pm

    Wow. He has his ignorance on display. Everything he said is easily refuted. Its not worth my time.

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