We are going to have a massive reset, and all of this debt is going to have to be defaulted upon. Michael Pento explains…
Money manager Michael Pento says, “I have 10% of my portfolio in gold, and I am going to increase that. I would think you need at least 10% in gold, physical gold, right now. If you don’t have that, then you are doing yourself a great disservice. I include gold, silver and platinum in the precious metals basket, and that amount should be increasing. . . . We are going to have a massive reset, and all of this debt is going to have to be defaulted upon. It is going to be defaulted upon two ways: through inflation and through implicit restructuring. Knowing how they are going to default on this debt is going to make you solvent. . . . If you look at all the ingredients that surround your decision as to when you should increase your allocation to precious metals, all those ingredients are in place and getting more so.”
Join Greg Hunter as he goes One-on-One with money manager Michael Pento of PentoPort.com.