Here’s a big non-shocker. Eric Sprott, the Canadian gold bull who thinks the Federal Reserve is a gigantic ponzi scheme (literally), things we’re heading below our march lows. Look, if that’s true, and it turns out the government is just creating numbers out of thin air, we agree. Stocks are toast.
Bloomberg: The Toronto-based money manager, whose Sprott Hedge Fund returned 496 per cent over the past nine years while the S&P 500 lost 32 per cent, said the index’s 67 per cent rally since March reflects investors misinterpreting economic data. He’s predicting the gauge will fall 40 per cent to below 676.53, the 12-year low reached on March 9.
“We’re in a bear market that will last 15 or 20 years, and we’ve had nine of them,” Sprott, chief executive officer of Sprott Asset Management LP, which oversees C$4.3 billion ($4.09 billion), said in an interview Dec. 18.