For thousands of years, people have turned to gold and other precious metals to safeguard their savings… but with cryptocurrencies skyrocketing in value and popularity, could they be a better crisis hedge than the yellow metal?
According to renowned Harvard-educated economist and forecaster Harry Dent, “If you think either gold OR bitcoin is going to protect you from the upcoming market bloodbath… well, you’re in for a nasty surprise.”
“Everything–– and I mean everything–– is in a bubble right now. That includes gold and cryptocurrencies.”
“Just like the housing bubble––and every other bubble for that matter–– once prices start to go parabolic… speculators pile in and try to get rich quick using cheap credit, and that’s what winds up collapsing the whole thing,” says Dent in his latest forecast.
These Won’t Help Protect Your Wealth in a Crisis
“Let me make one thing perfectly clear. We are dangerously close to witnessing the worst economic crisis since the Great Depression,” says Dent” But these so-called ‘safe assets’ you think are going to save you could wind up ruining your savings.”
“And no, gold isn’t going to save you either. Just look at what actually happened in 2008”
While most gold investors believe the yellow metal’s value should skyrocket during times of financial crisis, history suggests otherwise.
As markets around the world began to unravel in 2008, gold actually fell 33%.
Gold and silver would go on to rally to new highs, but Dent again accurately identified precious metals were in a bubble. He issued a strong sell signal on April 25th, 2011… the exact day silver prices peaked, and just a few months before gold’s eventual crash.
And now Dent is again warning gold could plummet back down to it’s November 2011 low of $700 during the next financial crisis: “The gold bugs and cryptocurrency fanatics are right about one thing. We ARE headed towards one of the most epic economic meltdowns in history. Central banks are out of control and they’ve created a huge mess,” says Dent.
“But there’s no way we’re going to see runaway inflation. If that were gonna happen, we would have seen it when the Federal Reserve pumped trillions of dollars into the US economy after 2008.”
According to Dent, investors should actually be much more concerned the opposite is going to happen. With near zero (or negative) interest rates around the globe––and unprecedented levels of debt–– Dent says the central banks have only one option left.
The Last Safe Haven Left For Investors (Hint: It’s not Gold or Bitcoin)
Harry Dent’s report isn’t all doom and gloom. While he is calling for a major collapse, he believes this next downturn will lay the foundation for the biggest bull market in recent history.
They key? Getting your wealth safely to the other side in one piece.
“We’ve seen this happen repeatedly throughout history. And for more than a century, there has been ONE asset the world’s wealthiest have turned to in times of crises… in fact, during the 2008 crisis, this safe asset jumped 28% while gold actually dropped 33%”