As Bitcoin skyrockets this week, Michael Pento joins Silver Doctors on SD Weekly Metals & Markets to discuss the action…
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.