Gold & Silver Buyers Must Need To Hear This! It's GAME OVER For Gold & Silver? - Michael Pento

Gold & Silver Buyers Must Need To Hear This! It's GAME OVER For Gold & Silver? - Michael Pento

Michael Pento, president and founder of Pento Portfolio Strategies, is an expert in financial markets and investment strategies. According to Michael Pento, the US dollar's status as the world's reserve currency is waning as countries like Russia, China, and Brazil increasingly opt to hold their reserves in gold and other assets instead of US dollars to safeguard their wealth. In 2023, an estimated 20 percent of global oil was bought and sold in currencies other than the US dollar. Countries like Iran and Russia, under heavy US sanctions, are not the only ones looking to diversify. Even Brazil, the UAE, and Saudi Arabia are moving to protect themselves from the impact of Western sanctions on oil and other commodity trade. China is selling off its US dollar assets to move away from the dollar further, and China and Russia have bought record levels of gold in recent years.
In the current scenario, Pento foresees a possible short-term rise in the dollar's value during a recession as investors unwind carry trades. However, he predicts a significant decline in the dollar's value against other currencies and precious metals. In 1971, the Bretton Woods System was abolished, and gold was allowed to be appreciated against the dollar. It is continuously appreciated till date. Due to this dollar slide against gold, today's, value of gold per ounce has reached 2335 dollars, and 35 dollars today can buy only 0.014 ounces of gold.
This is not an 88% depreciation of the dollar; actually, since 1971, the dollar has lost 98.6% of its value and retains only 1.4% of its value.
Regarding the role of gold in a portfolio, Michael views gold as a tool for preserving purchasing power, not an investment. He suggests increasing gold holdings up to 20% but warns that banks may sell gold to raise funds in a liquidity crisis, potentially affecting its value as a safe haven.
During the interview, Michael Pento warned that a future recession could be exacerbated by America's high deficit and recent inflation spikes. He predicts that traditional remedies like rate cuts and QE might not prevent rising long-term interest rates and could lead to stagflation. The longest and deepest US Treasury yield curve inversion in history, a key bond market signal of an upcoming recession, could be nearing its end.
Several Wall Street firms expected a recession to occur last year because of higher borrowing costs, but continued economic resilience defied those projections. Economists polled by Reuters this month expect the US economy will keep expanding over the next two years. Most bond strategists polled by Reuters earlier this year said the curve was no longer a reliable recession signal.
Despite potential short-term relief from a surprise 50-basis-point rate cut, Michael warns it could lead to higher long-term bond yields and more complex economic issues.

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[Lane-bi]

Gold has outperformed the DOW, SP500, and OIL year to date. Up 19%. Just saying. Silver up 21%.

[scottwilson]

'Michael, I think you meant "The C.P. LIE!"

[Lovey]

Wrong! Money all forms, will not exist.