It’s more likely that the stock market will correct to reflect the worst economic situation in recent times than for market euphoria to continue, this according to Peter Grandich, founder of Peter Grandich & Co.
“The stock market is nothing what it was when I started 36 years ago. Back then, 90% of the trading was general public, people bought it because they wanted to be part owner of a company. Now, in my opinion, the stock market has become a very sophisticated, highly technology-driven casino,” Grandich said.
Grandich noted that while the equities markets could still go higher, now is not the time to be aggressive in general equities.
Instead, Grandich said that gold has another 25% more upside.
Grandich shifted 100% of his portfolio into gold in 2018. Now, he is allocating more of his assets into gold miners.
“The mergers and acquisitions, I think are only going to continue, I think it’s going to filter down to the emerging producers, and I even believe now that even the junior resource market, or what’s left of it, will see more and more interest as money has flown back into that market after years of staying out of it,” he said.
